News Archives

Tue, 25 Mar: A 53-year-old Australian millionaire has sparked conversation with his advice on managing financial stress amid the current cost of living crisis. Speaking in a social media segment by the app Coposit St, known for aiding Australians in saving for home loans, the semi-retired individual spoke candidly about his financial strategies. - read more

Tue, 25 Mar: The Federal Court has imposed a substantial $10.5 million fine on Active Super for presenting misleading assertions regarding its environmental credentials. This significant legal outcome stems from actions initiated by the Australian Securities and Investments Commission (ASIC) against the super fund for allegedly misrepresenting its sustainable investment practices. - read more

Tue, 25 Mar: Melbourne's property market is experiencing a notable rebound in house prices, driven primarily by value-conscious buyers looking for more affordable options. According to CoreLogic's latest house price report, Melbourne has emerged as the most affordable major capital city in Australia, with a median home price of $772,561 as of February 28, 2025. - read more

Tue, 25 Mar: The Insurance Council of Australia (ICA) has called for urgent action to address the factors driving the significant rise in motor insurance premiums. In a detailed policy paper, the ICA has outlined a strategic plan, urging government intervention to address key issues like labour shortages, supply chain disruptions, and inefficiencies in accident management practices. - read more

Mon, 24 Mar: Australian investment manager Perpetual has committed AU$60 million to the UK-based Osmosis Resource Efficient Core Equity Fund as part of its Responsible Investment Multi-Manager Program. This flagship fund focuses on sustainability by targeting companies that demonstrate superior resource efficiency compared to their industry counterparts. - read more

Mon, 24 Mar: As anticipation builds for the 2025-26 Federal Budget announcement, a recent survey by Viridian Advisory highlights a surge in client concerns regarding superannuation, aged care, and cost-of-living pressures. The findings reveal that 82% of advisers identified changes to superannuation, especially the upcoming updates to Division 296, as a principal interest for their clients. This legislation, introduced last year, imposes an additional tax on super balances exceeding $3 million. - read more

Mon, 24 Mar: Superannuation funds have approached the Australian Securities and Investments Commission (ASIC) with a proposition to extend the period for breach reporting from 30 days to 60 days. Through the Association of Superannuation Funds of Australia (ASFA), these funds have expressed support for ASIC’s suggested changes but argue that the proposed timelines are insufficient for effective rectification and remediation. - read more

Mon, 24 Mar: The Australian Securities and Investments Commission (ASIC) has unveiled a report titled 'Falling short: Compliance with the small amount credit contract obligations' (REP 805), highlighting compliance issues within the sector. The review covered Australian credit licensees offering small amount credit contracts between December 2022 and August 2024, following regulatory changes in 2022 and 2023. - read more

Mon, 24 Mar: The Insurance Council of Australia has unveiled substantial data revealing that the expense related to vehicle theft claims has almost doubled since 2015. Last year, the industry handled $428 million in claims, signaling a stark increase from $218 million a decade ago. The data comes from Insurance Statistics Australia, which has adjusted historic dollar values for inflation, highlighting an urgent trend in rising car crime claims. - read more

Fri, 21 Mar: Current research by Nuveen reveals a burgeoning interest among Australian institutional investors in niche private market opportunities. The latest Equilibrium Global Institutional Investor Survey indicates that 75 per cent of Australian institutional players plan to boost allocations to private markets over the next five years. This is a significant increase compared to the global figure of 66 per cent. - read more

Fri, 21 Mar: A recent report by Mercer has highlighted significant threats to the insurance coverage offered through superannuation funds in Australia. Current statistics reveal that only 50% of superannuation members are covered, a figure that has reduced considerably, reflecting a broader issue within the sector. - read more

Fri, 21 Mar: The latest labour market statistics from the Australian Bureau of Statistics (ABS) presented a mixed picture, despite initial promising indicators. Although the headline unemployment rate in February remained steady at 4.1% (or 4.05% considering unrounded figures), there was an unexpected decline in employment numbers. - read more

Fri, 21 Mar: The Australian Financial Complaints Authority (AFCA) has ruled in favour of QBE Insurance in a case where an uninsured driver attempted to secure compensation following a collision involving a fire truck. The incident occurred when the QBE-insured driver paused at an intersection to allow a fire truck to pass, leading to the uninsured driver impacting their vehicle. - read more

Tue, 18 Mar: In celebration of Global Money Week 2025, the Financial Advice Association Australia (FAAA) has introduced a robust resource titled A Guide to Starting Your First Job. This initiative aims to equip young Australians with essential tools and knowledge to navigate the transition into employment with confidence and financial prudence. - read more

Tue, 18 Mar: The Australian Securities and Investments Commission (ASIC) has intensified its scrutiny on self-managed superannuation fund (SMSF) auditors by taking decisive action against 17 auditors in the last half of 2024 due to misconduct concerns. This move underscores ASIC's commitment to maintaining integrity in the financial sector. - read more

Tue, 18 Mar: The Organisation for Economic Co-operation and Development (OECD) has issued a warning about a potential slowdown in Australia's economic growth over the next two years. This prediction comes against the backdrop of heightened global uncertainty, spurred by trade policies introduced by US President Donald Trump. The OECD projects Australia’s GDP to rise to 1.9% in 2025 but slip slightly to 1.8% in 2026, falling short of earlier expectations laid out in their December report. - read more

Tue, 18 Mar: A prominent consumer advocacy group, the Australian Consumers Insurance Lobby (ACIL), is advocating for insurers to contribute $250 million annually to support disaster risk mitigation, as well as the affordability and availability of insurance coverage. This initiative seeks to address what the organization describes as an escalating crisis within the insurance industry. - read more

Mon, 17 Mar: Managed accounts have become a prevalent choice among Australian financial advisers, with recent research unveiling that nearly 59% of advisers now incorporate them into client portfolios. This figure represents a notable rise from 56% the previous year, according to a study conducted by Investment Trends in collaboration with State Street Global Advisors (SSGA). - read more

Mon, 17 Mar: Recent findings by the Amundi Investment Institute underscore a pressing issue affecting global economies: a persisting retirement savings crisis fueled by both behavioural challenges and a lack of awareness. The institute’s report highlights that a significant portion of the global population faces financial insecurity as they approach retirement age. - read more

Mon, 17 Mar: CoreLogic's latest preliminary auction results have revealed Sydney's dominant role in Australia's housing rebound, with an impressive clearance rate of 71.4%. This marks the sixth consecutive week that the auction clearance rate in Sydney has surpassed 70%. - read more

Mon, 17 Mar: The insurer QBE has successfully reversed a payout concerning a fraudulent rental claim, as determined by the Australian Financial Complaints Authority (AFCA). The controversy arose from a claim lodged under an owners’ corporation residential strata plan for water damage and subsequent rental losses dating back to a January 2022 storm. - read more

Wed, 12 Mar: The evolving landscape of Separately Managed Accounts (SMAs) is set to enhance financial advisers' competitiveness against private market offerings by industry funds, according to insights from a recent Institute of Managed Accounts Professionals (IMAP) conference. A panel comprising key industry figures highlighted significant mergers and acquisitions as indicative of the dynamic managed accounts sector and the outsized impact of the outsourced Chief Investment Officer (OCIO) model. - read more

Wed, 12 Mar: The Australian Securities and Investments Commission (ASIC) has initiated legal proceedings against AustralianSuper, one of the country's largest superannuation funds, over alleged delays in processing death benefit claims. The lawsuit, filed in the Federal Court, accuses AustralianSuper of failing to handle these claims effectively and promptly between 1 July 2019 and 18 October 2024. - read more

Wed, 12 Mar: US stock markets faced a significant downturn on Tuesday, deepening a selloff not seen in months, fueled by investors' concerns over the latest round of tariff threats and their potential repercussions on the global economy. The S&P 500 reached a critical low, nearing a 10 per cent drop from its record high, reflecting growing market volatility amidst mixed updates on international trade tensions and geopolitical events. - read more

Wed, 12 Mar: The Reserve Bank of Australia’s recent decision to reduce the official interest rate by 25 basis points to 4.1 per cent in February has invigorated consumer confidence, reaching a three-year high. The upswing in sentiment began in late 2024 but waned slightly over the holiday season. However, March data from the Westpac-Melbourne Institute consumer sentiment index indicates a recovery, driven by the RBA's interest rate cut and easing cost pressures. - read more

Wed, 12 Mar: The Australian insurtech sector is steadily gaining prominence with innovative products aimed at boosting efficiency, security, and customer interaction. According to a recent report titled 'Insurtech Down Under: Trends, Tech and Triumphs,' the sector's growth is accelerating, supported by strategic investments and technological advancements. - read more

Tue, 11 Mar: The Australian Securities Exchange experienced a significant decline, shedding over $45 billion as it mirrored the overnight tumble of US markets due to mounting recession concerns. The S&P/ASX200 index fell more than 140 points, about 1.79%, settling at 7820.1, while the All Ordinaries index decreased by 1.9%, or 156.4 points, to 8035.3. - read more

Tue, 11 Mar: The past ten years have witnessed a significant transformation in the processes and systems that underpin investment advice in Australia. Financial advisers now have access to advanced technologies and a broader array of investment options, enhancing the quality of services offered to clients. This evolution has been influenced by regulatory reforms and the industry's efforts to meet the growing demands of clients. - read more

Tue, 11 Mar: The Self Managed Super Fund Association (SMSFA) is advocating for the inclusion of financial advisers in the Australian Taxation Office (ATO) portal, citing the importance of creating a 'designated role' alongside primary tax agents for access to critical information on self-managed superannuation funds (SMSFs). - read more

Tue, 11 Mar: Recent research conducted by Colonial First State (CFS) has shed light on a significant gender disparity in retirement preparedness across Australia. The study, which surveyed 2,250 Australians, indicates a stark contrast between men and women regarding their confidence and readiness for retirement. Just 34% of women reported feeling prepared for retirement, starkly different from the 53% of men who felt similarly prepared. - read more

Tue, 11 Mar: Star Entertainment Group has announced a crucial refinancing plan to address its significant debt obligations. The casino operator has forged an exclusivity and process deed with Salter Brothers Capital, signalling a potential $940 million refinancing initiative. This move, if successful, would allow Star to manage its existing debt portfolio effectively and ease the liquidity pressures it currently faces. - read more

Tue, 11 Mar: In a recent submission to the Treasury, the Financial Advice Association Australia (FAAA) has pressed for the Australian Securities and Investments Commission (ASIC) to adopt a more comprehensive approach when investigating financial service complaints. The FAAA has underscored the need for ASIC to expand its investigation purview beyond individual client files to scrutinize the entire financial services value chain, particularly in instances of significant consumer harm. - read more

Tue, 11 Mar: A company recently faced a significant setback after losing an insurance claim dispute related to funds stolen in a fraudulent email scheme. Cybercriminals infiltrated the business's email system, sending out fake invoices that directed clients to pay into a bogus bank account. Consequently, two customers inadvertently transferred a total of $66,148 to the fraudulent account. Attempts to retrieve this money were unsuccessful, and the customers refused further payments to the company. - read more

Tue, 11 Mar: In an evolving insurance landscape where traditional underwriters are hesitant to cover high-risk scenarios, Australia Underwriting has strategically positioned itself to fill this crucial gap. The company has become recognized for its expertise in handling difficult-to-place insurance risks, often ignored by larger insurers focused on lower-risk ventures. Founded by industry veteran George Vincent, the firm has capitalized on unserved market segments and emerged as a vital player in the Australian insurance space. - read more

Mon, 10 Mar: Recent research from Fidelity International reveals a significant gender disparity in financial advice uptake and investment confidence. Conducted among over 1,000 Australian consumers aged 18 to 59, the study, titled 'The Next Generation,' highlights that only 16 per cent of women seek financial advisers, compared to 22 per cent of men. A staggering 50 per cent of women cited financial advice costs as a major deterrent. - read more

Mon, 10 Mar: Genius Early Learning, a childcare provider with operations across Australia, is under severe scrutiny following substantial concerns about withheld wages and superannuation. A recent incident at its Pyrmont centre in Sydney saw the abrupt closure of the facility, leaving many families without childcare options. Employees have reportedly not received their salaries for weeks, sparking mass resignations and a staff walkout that lasted all but one day last week. - read more

Mon, 10 Mar: In an unprecedented turn of events, Tesla's shares have been on a consistent downward trend for seven weeks running—marking the longest losing streak in the company's history since it went public 15 years ago. This slump coincides with Elon Musk's active role in the Trump administration since his move to Washington. On Friday, Tesla's stocks closed at $US270.48 ($428), plummeting over 10% within the week, reaching their lowest since the previous November's election day when shares were at $US251.44. - read more

Mon, 10 Mar: The Australian Financial Complaints Authority (AFCA) has directed insurance provider Hollard to enhance its compensation payout to a homeowner following a failed attempt to remediate mould contamination in the owner’s property. Despite previous repair efforts by Hollard, lingering mould issues persisted, prompting further disputes. - read more

Thu, 06 Mar: The Reserve Bank of Australia's (RBA) deputy governor has firmly defended the recent decision to reduce the official cash rate despite internal warnings about persistent inflation pressures. In February, the RBA lowered the cash rate from 4.35% to 4.10%, a move followed by claims that this contradicted forecasts predicting sustained inflation above the target. - read more

Thu, 06 Mar: UniSuper, Australia's fourth largest super fund with $149 billion under management as of 31 December 2024, has introduced a pioneering digital advice platform. Announcing this partnership with Ignition Advice, UniSuper revealed plans to offer its members comprehensive digital guidance on superannuation, insurance, investments, and retirement strategies starting in June. - read more

Thu, 06 Mar: Opposition Leader Peter Dutton’s proposal to dismantle major insurance companies to boost competitiveness and reduce premiums has sparked significant pushback from industry brokers. The suggestion, criticized as ineffective, faces opposition from those who argue that the root causes of high premiums lie elsewhere. - read more

Wed, 05 Mar: Investment Trends' latest Platform Competitive Analysis and Benchmarking Report highlights a significant shift among platform providers in the finance industry. They are increasingly offering investment options in private markets, responding to heightened demand from high-net-worth (HNW) clients. The report indicates that 32,000 additional HNW individuals are keen to explore private asset investments, supplementing the existing 146,000 investors already engaged in private equity. - read more

Wed, 05 Mar: The Australian housing market is experiencing a resurgence following a recent 0.25% interest rate cut by the Reserve Bank of Australia (RBA). This monetary policy change has fueled optimism for further reductions throughout the year, offering a significant boost to the market. - read more

Wed, 05 Mar: New research conducted by the Association of Super Funds of Australia (ASFA) reveals significant advancements in life insurance coverage through superannuation. Titled 'Providing cover to those who need it: The success of insurance in superannuation,' the study highlights that superannuation offers essential protection to six million Australians who would otherwise be uninsured. - read more

Tue, 04 Mar: The Australian Securities and Investments Commission (ASIC) has made significant strides in tackling investment scams, reporting the shutdown of over 10,000 fraudulent websites and advertisers since mid-2023. This action is part of a concerted effort by ASIC, bolstered by the National Anti-Scam Centre's formation of the Investment Scams Fusion Cell, which has averaged the closure of 130 scam sites weekly since July 2023. - read more

Tue, 04 Mar: The Insurance Council of Australia (ICA) has unveiled its election platform, urging the federal government to significantly enhance flood defences by establishing a $30.15 billion flood defence fund. This initiative, highlighted as the primary recommendation, seeks to mitigate the catastrophic impact of floods, which are deemed as Australia’s most financially damaging natural disaster. - read more

Tue, 04 Mar: Anthony Albanese, Australia's Prime Minister, has indicated that he has not utilized negative gearing since assuming office, dispelling ongoing speculation. Negative gearing, which allows property investors to offset losses against taxable income, remains a hot topic in Australia's property investment discourse. Despite the legality of this practice, the Prime Minister's prior silence on the matter had invited scrutiny, particularly regarding his $4 million holiday home. - read more

Tue, 04 Mar: In a recent interview, former Reserve Bank of Australia (RBA) governor Philip Lowe addressed the blame often placed on high interest rates for Australia's cost of living issues. Contradicting common perceptions, Dr. Lowe pointed to a lack of productivity growth as the actual source of the problem. Despite decade-high interest rates, he emphasized that these rates have only marginally suppressed demand, while the drag from stagnant productivity over the years has had a much greater impact. - read more

Tue, 04 Mar: New findings from Finder reveal a growing trend among Australians considering the cancellation of their health insurance policies. This move comes in response to increasing living expenses and an impending rise in insurance premiums. - read more

Sat, 01 Mar: The Reserve Bank of Australia's recent decision to slash interest rates by 0.25% has spurred a significant resurgence in house prices across the nation, particularly in Sydney and Melbourne, after a period of decline. - read more

Sat, 01 Mar: AustralianSuper, the nation's largest industry superannuation fund, has been fined $27 million for violating legal requirements aimed at protecting members with multiple accounts. Over 90,000 members were impacted, suffering a collective loss of approximately $69 million through redundant administration fees, insurance premiums, and missed investment earnings. Justice Lisa Hespe of the Federal Court described the neglect in addressing compliance issues, known internally since at least 2018, as 'inexcusable.' - read more

Sat, 01 Mar: Australia's inflation is on a downward trend, with the Commonwealth Bank of Australia (CBA) predicting a dip in trimmed mean inflation to 2.8% by January, which falls within the Reserve Bank of Australia's (RBA) target range of 2% to 3%. However, this does not signal an end to the cost-of-living crisis. - read more

Sat, 01 Mar: The Insurance News Outlook 2025 Conference, scheduled for March 12 in Sydney, is set to delve deeply into the insurance industry's future. With a focus on emerging risks, advancements in technology, and the evolving landscape of broking, the event promises insightful discussions led by industry experts. - read more

Sat, 01 Mar: The Australian Greens have proposed a comprehensive policy initiative aimed at reducing the cost of insurance by $4 billion. As natural disasters become more frequent and severe, insurance premiums have been escalating. The Greens' strategy emphasizes a multi-faceted approach, including the abolishment of insurance stamp duties, an expansion of the Cyclone Reinsurance Pool to cover all natural disasters, and imposing financial contributions on fossil fuel companies to offset their impact on climate change. - read more