Financial Services Online News Headlines

Fri, 26 Apr: Amidst soaring living expenses and aggressive interest rate increases to quell inflation, Australians face an additional financial burden as income tax impositions outpace those in other affluent nations. This echelon of fiscal pressure is compounded by the unfortunate fact that their earnings are making a retreat in real value terms. - read more

Fri, 26 Apr: In a strategic move shaping the landscape of group insurance relationships, UniSuper, one of Australia's substantial superannuation funds, has announced a major shift in its insurance mandate. The current incumbent, TAL, will pass the baton to MetLife Insurance after an extensive selection process aimed at enhancing member services. - read more

Wed, 24 Apr: The recent disclosure by federal Treasury officials spotlighted a lack of comprehensive analysis concerning an impactful superannuation policy shift. According to internal sources, the financial repercussions associated with the introduction of a $3 million cap on superannuation funds, notably the long-term effects and the number of individuals impacted, have not been fully examined. - read more

Wed, 24 Apr: In an intriguing turn of events, a dedicated car enthusiast's claim for damages to his vintage vehicle under home insurance has been denied after a careful review by the Australian Financial Complaints Authority (AFCA). The individual's relic, a 1970 Mercedes-Benz 280e sedan, which was being lovingly restored and was far from operational, rolled into an adjacent van following the snap of a winch cable. - read more

Tue, 23 Apr: The recent dialogue on the taxation of unrealized asset gains has engendered a wave of concern in the agricultural sphere. The heart of the matter lies within the Government's intention to implement a superannuation tax reform, a move that, according to the National Farmers Federation (NFF), could unintentionally press farmers into a corner where they would have to dispense with their land to furnish tax payments. - read more

Tue, 23 Apr: Australians are being cautioned about the possibility of incurring a $313 penalty if they fail to observe two critical Australian Taxation Office (ATO) deadlines looming ahead. As tax season approaches, individuals must take note of these important dates to avoid fines. - read more

Tue, 23 Apr: Residents and officials from regions affected by flooding have observed a discernable shift in insurers' handling of claims following natural catastrophes, with recent proceedings reflecting a more positive trajectory. This outlook emerged during a federal inquiry session that gave a voice to flood-impacted communities in Heathcote, Victoria. - read more

Mon, 22 Apr: A crucial announcement regarding consumer prices is forthcoming as the Reserve Bank of Australia (RBA) anxiously waits to steer its future monetary policy decisions. Analysts and economy watchers alike have their eyes locked onto the publication of first-quarter consumer price index (CPI) data from the Australian Bureau of Statistics, set to impact the nation's economic direction. - read more

Mon, 22 Apr: Recent studies suggest that the expectations of Australians regarding retirement savings significantly overshoot the figures endorsed by retirement experts. While the recommended superannuation balance hovers around $690,000 for couples and $595,000 for singles as per the ASFA retirement standard, many Australians are aiming much higher, with some setting their goals at $1.6 million or more. - read more

Mon, 22 Apr: An individual's anticipation of a serene vacation in Hawaii was met with a grievous twist when wildfires ravaged Maui, leading to an urgent evacuation and unplanned expenses. A customer of Mitsui Sumitomo ventured to the Pacific paradise only to have plans upended by nature's wrath. The ensuing insurance claim denial sparked a dispute which has now been resolved by the authoritative voice of the industry’s dispute resolver, leaving a glaring reminder of the importance of scrutinizing insurance options. - read more

Fri, 19 Apr: UniSuper has embarked on a significant investment venture, dedicating a staggering $600 million to Macquarie Group's renewable energy fund. This strategic move not only signifies UniSuper's commitment to environmental sustainability but also aims to diversify its investment portfolio in the burgeoning green energy sector. - read more

Fri, 19 Apr: Last year, research from a major insurance provider signaled a significant shift in the life insurance landscape within Australia, showing a marked decrease in the percentage of insured non-dependent adults of working age. Only 77% now carry some form of life insurance, a stark contrast to the 94% coverage rate recorded in 2017. Industries evolve, yet the dip in these figures marks a noteworthy trend within the life insurance sector. - read more

Fri, 19 Apr: A fresh analysis has sparked concern over the surging levels of student debt in Australia, invigorating discussions for policy revisions in the impending national budget. Projections denote that during the initial tenure of the incumbent Labor administration, the cumulative student debt may swell by an extraordinary $12.3 billion, marking a 16% escalation. This upward trend raises alarms for prospective and current students grappling with the financial barriers of higher education, and ignites a dialogue on the urgency of governmental intervention. - read more

Fri, 19 Apr: The fintech landscape continues its relentless advance as ANZ, one of the leading banks in Australia, has declared a pivotal shift in its operations that will see the discontinuation of cheque book issuance. This calculated move aligns with broader trends in digital banking and paves the way for modern financial interactions among its clientele. - read more

Thu, 18 Apr: In a strategic move to fortify its Australian footprint, the prominent London-based cyber insurance firm CFC has announced the procurement of Melbourne's Solution Underwriting. Already an experienced player in the Australian insurance sector, CFC’s recent acquisition marks a significant augmentation of its local operations. - read more

Thu, 18 Apr: In the lead-up to the imminent Queensland state election, the Australian Consumers Insurance Lobby (ACIL) is fervently appealing to prospective legislators to prioritize an overhaul of the antiquated stamp duty regime. ACIL has pinpointed this as a critical issue, particularly in the context of the escalating costs that have disproportionately impacted residents in the north of the state. - read more

Thu, 18 Apr: Bell Asset Management (BAM) has successfully concluded its executive search with the high-profile hiring of industry veteran Michael Lovett, formerly of Vanguard, as their new Chief Executive Officer (CEO). Lovett, with a rich tenure of nearly 30 years in the financial sector, has officially taken the helm at BAM starting April 15, following a meticulous executive pursuit that kicked off at the outset of the year. - read more

Thu, 18 Apr: A new industry forecast hails an optimistic future for Australia's Exchange-Traded Fund (ETF) market, which is set to flourish with an anticipated 30% spike in inflows during 2024, surpassing global trends. This projection, based on a robust report by State Street, hints at a thriving period ahead for ETF investments in Australia, where the financial landscape is fertile for both seasoned and new investors. - read more

Wed, 17 Apr: Recent data unfolds a more optimistic economic landscape, as tracked by ClearBridge Investments, revealing a period of robust activity amidst the recovery from pandemic-related disruptions. Transitioning from a heightened risk of recession to a more balanced, watchful stance, the firm's recession risk assessment has shifted from a stark red to a tentative yellow on their monitoring dashboard. - read more

Wed, 17 Apr: The landscape of Australian finance could witness significant alterations if the recent legislation targeting superannuation funds and changes to sophisticated investor classifications come into effect. Industry pundits like Jamie Green from PrimaryMarkets weigh in on the potential ripple effects these new regulations could have on the nation's burgeoning innovation sector. - read more

Wed, 17 Apr: In the face of Australia's escalating real estate prices, particularly within its bustling metropolitan regions, a novel investment approach known as 'rentvesting' is gaining momentum among prospective homeowners. This savvy financial strategy involves the purchase of properties in more budget-friendly locales while continuing to rent in preferred, often pricier, neighborhoods, allowing individuals to climb the property ladder without compromising their lifestyle. - read more

Tue, 16 Apr: Financial advisers are currently navigating through an intricate landscape as they strive to tailor retirement income plans that cater to individual client needs. In this ever-evolving financial atmosphere, comparisons between various products are becoming an indispensable aspect of retirement advice. - read more

Tue, 16 Apr: Amidst a turbulent market, Centuria Capital Group has strategically bolstered its presence in the property debt market, acquiring an additional 30% stake in Centuria Bass Credit Pty Ltd. This expansion reflects a value of $57 million, resulting in Centuria Capital Group's ownership rising from 50% to a commanding 80%. - read more

Tue, 16 Apr: The freshly released insights from Principal Asset Management for Q2 2024 suggest central banks, the US Federal Reserve in particular, face an increasingly complex policy-making environment. Their task is to smoothly navigate the economy through a deceleration in inflation without prematurely lowering interest rates, a move that could potentially undermine financial stability. - read more

Tue, 16 Apr: The Law Council of Australia has raised concerns regarding proposals by the federal government that could alter the way pensions for federal judges are taxed, stressing the substantial impact these changes could have on future judicial recruitment. - read more