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Budget 2024: Cost of living relief takes centre stage

ELIZA BAVIN  |  TUESDAY, 14 MAY 2024
... five years. Aged care workers will also receive a wages boost. The government has committed to funding the Fair Work Commission decision to increase award wages for aged care workers. This is on top of $11.3 billion already allocated for the interim ...

Budget 2024: Chalmers looks to reset aged care, NDIS

JAMIE WILLIAMSON  |  TUESDAY, 14 MAY 2024
... aged care, and has committed to increase the award wage for direct and indirect aged care workers when the Fair Work Commission's decision is made. It will also deliver $110.9 million over four years to support an increase in the Aged Care Quality and ...

Wealth firms 'still have PTSD from the Royal Commission': Deloitte

ANDREW MCKEAN  |  TUESDAY, 14 MAY 2024
... Advisers Association (SIAA) that the Australian industry remains cautious due to the lingering effects from the Royal Commission. "Firms are very hesitant to think about what the future of advice will look like, particularly in a mass market environment," ...

Advisers urgently call on Treasury to recognise degrees

KARREN VERGARA  |  TUESDAY, 14 MAY 2024
... needed," she said. The adviser population peaked at nearly 30,000 at the end of 2018 in the throes of the Hayne Royal Commission. There were 15,602 active advisers at the end of April this year. While the advice sector may seem fragmented and unable ...

ANZ confirms ASIC investigation

ELIZA BAVIN  |  TUESDAY, 14 MAY 2024
ANZ has confirmed the Australian Securities and Investments Commission (ASIC) is investigating its execution of a 2023 bond issuance of 10-year Treasury Bonds by the Australian Office of Financial Management (AOFM). ANZ said it was appointed by the ...

Advisers should leverage US tech blueprint: SIAA panel

KARREN VERGARA  |  TUESDAY, 14 MAY 2024
While the US is at the forefront of financial advisers leveraging the best technology available, Australia's advice industry cannot be left behind and should learn from the blueprint it has laid out, investment experts told the Stockbrokers and Investment ...

'Just do what you say you'll do': ASIC's message to trustees

JAMIE WILLIAMSON  |  FRIDAY, 10 MAY 2024
... calling altogether. "Unfortunately, some funds and advisers are forgetting the lessons of the Financial Services Royal Commission and the horror of 'fees for no service'. Right now, some within the industry are calling for the removal of obligations ...

ASIC slams funds' serious deficiencies over advice fee charges

JAMIE WILLIAMSON  |  THURSDAY, 9 MAY 2024
A review by ASIC has found evidence of poor oversight of advice fee deductions by superannuation trustees, with some allowing charges of up to $20,000 before raising concerns and some not conducting any checks of advice documents at all. ASIC is calling ...

Advisers must unite for major reforms: SIAA

KARREN VERGARA  |  THURSDAY, 9 MAY 2024
... then implementing the change is greater." The advice industry has endured substantial reforms since the Hayne Royal Commission. The most recent round of changes aims to streamline some process documents such as the ongoing fee renewal and consent requirements. ...

SMC says 'reckless' plan could cost taxpayers $1tn

ELIZA BAVIN  |  THURSDAY, 9 MAY 2024
Super Members Council (SMC) has slammed the Coalition's plan for young Australians to use their super for a house deposit, saying new modelling shows it could cost taxpayers a cumulative $1 trillion. SMC said even a policy which capped super withdrawals ...
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