Treasurer Jim Chalmers is shifting the turnover threshold for small businesses to qualify for the 50% active asset CGT reduction from $2 million to $10 million.

This is estimated to capture some 2.7 million businesses or 98% of all existing firms.

"These measures build on the over $3.5 billion in new measures to support business risk taking and investment in the Budget, including two-year loss carry back, loss refundability for start-ups, expanded venture capital incentives, and making the instant asset write off permanent," Chalmers said.

Additionally, Treasury will introduce a targeted Innovative Business CGT Concession (IBCC), which will retain the existing 50% CGT discount for startups and their investors.

Start-ups must have annual turnover of under $50 million, be in operation for less than 10 years and shareholders must have held their shares for at least five years. The start-ups must also be engaged in "genuine innovative activity."

The concession will apply to founders, early-stage investors and employees who hold shares through employee share schemes and share option plans.

Shareholders would have the choice to calculate their CGT liability using the 50% discount without a minimum tax or using cost base indexation and the 30% minimum tax when they realise a capital gain.

For the IBCC, transitional arrangements would apply to shares issued by innovative start-ups before 1 July 2027.

Furthermore, for the minority of small businesses that use a discretionary trust, a new 30% minimum tax will apply.

Chalmers expects more than 90% of Australia's 2.7 million active small businesses will not be affected in any given year.

"Small businesses will be supported if they choose to restructure, primary production income (such as farming) is exempt, and other trusts (like fixed trusts) are also exempt," he said.

The consultation period ends on July 10.

Chalmers said the proposed changes "are all about providing more certainty for investors, more support for small businesses and more incentives for innovation."

"We flagged in the Budget that we would be doing this consultation, whether it's on start-ups or in other areas. We've said for some weeks that we're engaged with the small business community to make sure that we get that turnover threshold right," he told a radio interview.

As for shifting the turnover thresholds, Chalmers said these are considered to be "final".

"We'll seek to legislate that in the parliament in the next couple of weeks and it means - as I've said - 100% of active small businesses, 98% of all active businesses will get concessions and carve-outs, so we consider that to be a finished piece of work," he said.

On Budget night, Labor proposed replacing the 50% CGT discount with inflation-adjusted indexation to take back the CGT discount to the pre-1999 framework.

Apart from the announcement made yesterday, the new rules will apply from 1 July 2027 to individuals, trusts and partnerships.

Negative gearing reforms are also set to take effect on this date. Residential property will be limited to "new builds that genuinely add to housing supply."

Business Council chief executive Bran Black said changes to CGT "take some sting out of the tax bite for small businesses but the overall pain will remain for the broader economy when investment takes a hit" and the $10 million threshold is "a common sense and practical step"

On the IBCC, Tech Council of Australia chief executive Kate Cornick said this is "a constructive response that shows the government has listened to their concerns."

"Successful startups and scaleups create jobs and build the industries that underpin future prosperity for all Australians. To grow more innovative companies here, productive risk taking must be rewarded," she said.

Additionally, Treasury will no longer subject testamentary trust to the new minimum 30% tax regime.

The exemption is conditional on trusts being established for "genuine testamentary purposes." A testamentary trust is written into a will and comes into effect once someone dies.

Prime Minister Anthony Albanese clarified that implementation details, including the details around integrity, will be included in further consultation.

The next next steps when it comes to exempting all types of testamentary trusts from the minimum tax, he said, will involve the release of a consultation paper on the trust legislation.

"That's obviously not part of this first tranche before the Senate. Now, it's not unusual for there to be a number of pieces of legislation to give effect to major tax reforms and that's what people should expect on this occasion as well," he said.

The sale was completed through the Australian Commonwealth Government's Voluntary Water Purchase Program and followed a comprehensive sale process with both public and private sector parties.

The transaction includes a portion of water right entitlements from the southern Murray-Darling Basin within its 143GL portfolio, representing one of the largest independently owned water entitlement portfolios in Australia. The portfolio is managed by Argyle Capital Partners, and is diversified across Victoria, New South Wales, South Australia and Queensland.

Aware Super said its $25 billion infrastructure portfolio has delivered long-term member returns through its investment in water entitlements since the portfolio was built over a decade ago, originating through VicSuper in 2007.

The proceeds from the sale, which have remained undisclosed, of the water rights will be redeployed back into the fund's infrastructure portfolio for future investment opportunities.

"We are delighted to achieve this positive outcome for our members with the proceeds received from this sale providing additional capital to pursue emerging opportunities across our infrastructure portfolio," Aware Super head of infrastructure Mark Hector said.

"As an active manager, Aware Super will also continue to explore opportunities to maximise returns across its remaining water entitlements, including the potential for further transactions."

Meantime, Aware Super has completed its major multi-year technology uplift, dubbed Project Odin.

The multi-year transformation delivered the GoldenSource Investment Data Platform, Ortec PEARL Performance and Attribution, the BlackRock eFront for private markets, with the final phase being the BlackRock Aladdin Investment Platform.

Aware Super chief investment officer Simon Warner said the completion of Odin marks a critical milestone in the fund's evolution as a sophisticated global asset owner.

"With Aladdin now in place, we have a modern, institutional-grade platform that enables our investment teams to make faster, better-informed decisions on behalf of our members," Warner said.

"Aladdin gives us the scale and capability to manage more of our investments internally, reduce costs, strengthen risk management, and ultimately deliver stronger long-term returns."

Following a Federal Court hearing in Melbourne on June 18, Justice Bennett handed down the penalty and ordered HSBC to publish adverse publicity notices across its website, mobile app and in direct communications with affected customers.

ASIC said the judgement "is one of the first of its kind globally and reinforces the core responsibility of banks to protect their customers from scams."

The regulator launched legal proceedings in late 2024, alleging the bank failed to have suitable controls in place to prevent and detect unauthorised payments and did not investigate suspicious transactions. These took place between January 2020 and August 2024.

Of the $23 million lost ASIC was investigating, almost $16 million was lost in the six months from October 2023 to March 2024. Many of the scammers accessed victims' accounts by impersonating HSBC Australia staff. The bank took 144 days on average to investigate the issues.

ASIC held HSBC Australia against the ePayments Code, which regulates electronic payment facilities.

Justice Bennett found HSBC's failures in respect to the ePayments Code were widespread and systemic.

She also found HSBC's breaches to be serious, noting that while some scam controls were implemented, critical safeguards were not applied to the bank's internal payment system, where the majority of customer losses occurred.

ASIC chair Sarah Court commented: "Banks have been well on notice about the risks of scams for some time. They have now been given a clear message to have adequate controls and ensure their interactions with scam victims help - not hinder."

HSBC admitted it failed its obligations under the ePayments Code and did not apply rules in the code for determining when customers or the bank should bear the losses from scams. It also admitted it did not have adequate systems in place to help customers get back into their banking after they had been scammed.

Upon ASIC's investigation, HSBC established a remediation program that has paid some $21.5 million in compensation to date.

More remediation is expected before the end of July. The bank has since recovered and returned $6.5 million to customers.

"We apologise to our customers who were impacted by these events. We are pleased to have reached an agreement to resolve the proceedings with ASIC, which recognises our customer redress program and the significant enhancements made to our fraud and scam prevention, detection and response," a HSBC spokesperson said.

The ATO's annual Taxation Statistics report for 2023-24 showed postcode 3944, encompassing Portsea on Victoria's Morning Peninsula, recorded the nation's highest average taxable income at $321,988.

The result marks the first time a Victorian postcode has topped the national rankings, ending New South Wales' long-standing dominance.

Melbourne's affluent inner suburbs also featured prominently, with postcode 3142, covering Hawthorn and Toorak, ranking second nationally with an average taxable income of $277,708.

Sydney's traditional wealth enclaves remained well represented, with Bellevue Hill, Vaucluse, Rose Bay, Double Bay and Mosman all appearing in the top 10.

The report found average taxable incomes continued to rise across Australia, while total tax revenue collected by the ATO reached $630.9 billion during 2023-24. Individual income tax remained the largest source of revenue, accounting for $329.5 billion, or just over half of total collections.

Australians' wealth also continued to build through the superannuation system. The average superannuation account balance increased from $173,000 in 2022-23 to $183,000 in 2023-24.

Meanwhile, net capital gains reported by individuals rose to $40.6 billion from $37.8 billion a year earlier, with real estate remaining the largest contributor to capital gains.

The data also confirmed surgeons retained their position as Australia's highest-paid profession for the 15^th consecutive year. The 4280 surgeons who lodged tax returns reported an average taxable income of $519,998 during the financial year.

Work related expenses remained a significant feature of individual returns, with 10.7 million Australians claiming combined $31.6 billion in deductions, representing an average claim of $2,956.

Company tax collections also continued to strengthen, with net tax from companies increasing 3.3% to $145 billion, reflecting ongoing resilience across the corporate sector despite a more challenging economic environment.

Index ETFs attracted approximately $53.5 billion in net inflows over the past year, compared with around $6.1 billion for active ETFs, Betashares said, indicating monthly adoptions and investments of index ETFs have accelerated significantly over the past decade.

Net flows rose from an average of around $431 million per month in 2015 to approximately $4.5 billion per month in the last 12 months to May end.

Observing the trend, Betashares investment strategist Tom Wickenden said index ETFs are the clear engine room for the sector, continuing to attract new investor money.

"The data shows that while active ETFs are growing, index ETFs are still doing the heavy lifting when it comes to industry expansion," Wickenden said.

"Over the past decade, index ETF flows have increased more than tenfold on a monthly average basis. This reflects the growing role ETFs now play in portfolio construction, as investors and financial advisers increasingly turn to transparent, cost-effective and diversified exposures across asset classes."

He said the growing breadth of index-based investments available is also providing financial advisers more choice in portfolio constructions.

"Investors can now use index ETFs to efficiently capture a wider range of sources of return across asset classes, sectors, factors and long-term megatrends," he added.

"What is particularly notable is the scale of the flow differential. Over the 12 months to May 2026, index ETFs attracted almost nine dollars in every ten dollars of combined active and index ETF net flows. That speaks to the enduring appeal of indexing and the role index ETFs now play as core portfolio building blocks."

While active ETFs have also grown from a small base, index ETFs continue to attract investor seeking low-cost, transparent and diversified exposures.

As at May 2026, index ETF funds under management in Australia stood at approximately $296 billion, compared with around $68 billion for active ETFs, further underscoring the central role index strategies play in Australian investor portfolios.

Moving forward, he believes the industry will continue to flow in the same direction.

"Active ETFs are a growing part of the market, but the broader industry's growth continues to be driven by index strategies. Investors are increasingly using index ETFs to access Australian equities, global equities, fixed income, cash and other asset classes in a simple and efficient way," Wickenden said.

Analysis by the Super Members Council (SMC) of recently released Australian Taxation Office data found median super balances increased 5.5% overall during the year, reflecting the continued strength of Australia's compulsory retirement savings system.

However, the figures also reveal that women aged 60-64 continue to retire with substantially less super than men, prompting renewed calls for further policy reform.

Median balances for men in the pre-retirement age bracket rose 7.4% to$236,100, while women's balances increased 7% to $174,700. As a result, the gender super gap for Australian's aged 60-64 stands at 26%, up from 20.5% in 2016-17.

Nationally, women's median super balances remain 20% lower than men's despite women making additional voluntary contributions at a higher rate than men.

"Super balances are growing, which is great news for millions of Australian's retirement incomes, but women are still retiring tens of thousands of dollars behind men, and that gap must be fixed" SMC chief executive Misha Schubert said.

The disparity remains evident across every state and territory. The gap is narrowest in the ACT, where women's balances are equivalent to 94% of men's, while Western Australia recorded the wildest divide, with women's balances sitting at just 69% of men's.

Schubert welcomed recent reforms aimed at improving retirement outcomes for women, including Payday Super, the introduction of superannuation on paid parental leave and increases to the Low-Income Super Tax Offset.

"Crucial recent reforms like payday super laws, paying super on paid parental leave and boosting support for low-income working people have made big strides forward for women, but this data confirms that we need to fix the remaining gaps in super coverage, so no woman is left behind," she said.

The SMC is calling for additional measures, including extending compulsory super to all workers under 18, improving childcare and aged care access, and reforming superannuation splitting arrangements following divorce.

The council said the Super Guarantee reaching 12% is expected to further boost retirement balances, with a typical 30-year-old projected to retire with an additional $132,000 in super compared to a decade ago.

Virtus Investment Partners has selected the business to broaden access to selected strategies in its multi-boutique investment platform across equities, fixed income, multi-asset and alternative strategies.

Clearway will be responsible for introducing and distributing those strategies to qualified local investors and consultants, supporting market education, coordinating due diligence engagement and assisting with ongoing investor coverage, it said.

Clearway said Virtus' model is built around autonomous investment teams, each with a unique investment style, supported by the broader resources of a listed global asset management business and allows investors to access a range of investment approaches supported by a single broader corporate platform.

The appointment comes as local investors continue to seek differentiated sources of return, specialist active management and access to investment teams with deep capability in focused areas of the market, Clearway said.

Commenting, Clearway Capital Solutions director Micheal Negline believes the offering introduces a differentiated opportunity for investors.

"Virtus is a strong fit for Clearway's business because it brings together the breadth of a large asset management platform with the focus and investment autonomy of specialist boutique managers," Negline said.

"We think Australian and New Zealand investors will be interested in the depth of capability across the Virtus platform, particularly where individual investment teams can offer differentiated perspectives across the public and private asset class spectrum."

Clearway Capital Solutions has been partnering with a plethora of global fund managers since its inception in 2009, including Osmosis Investment Management in the UK and Matthews International Capital Management in June 2024.

According to ASIC, Newbound was found to have forged client signatures on service agreements and provided inaccurate file notes to "justify charging ongoing service fees" on at least three occasions.

As a result, ASIC determined Newbound is not a fit and proper person to participate in financial services and applied the ban on 1 May 2025. ASIC has also cancelled the AFSL and Australian credit licence (ACL) of Freedom Wealth Services, effective from the same day.

The ban will be lifted on 30 April 2035.

Newbound had lodged an application for a stay and confidentially orders, which was opposed and dismissed by the tribunal on June 16.

Newbound and Freedom Wealth Services have also appealed to the Administrative Review Tribunal for a review of ASIC's decision, with a hearing date for a review on the decision not yet set.

Newbound was an authorised representative of Freedom Wealth Services until 17 June 2026, and a credit representative and the key person on its AFSL and ACL until 1 May 2025.

In the past, he was also an authorised representative of AMP Financial Planning between 16 August 2011 and 22 February 2021, a period when he was the sole director and financial planner of Logic Financial Services that was a corporate authorised representative of AMP Financial Planning.

The High Court of Australia has unanimously found that Earner was, in fact, a financial product, and Block Earner consequently required an Australian financial services licence (AFSL), overturning the Full Federal Court's previous decision in 2025.

The product was available between March and November 2022 with the aim to provide investors with fixed yield returns from digital assets.

The High Court found Earner was a financial product requiring an AFSL, as it was a facility through which an investor made a financial investment and confirmed it was sufficient investors' funds were used or intended to be used to generate a return for both the investor and the issuer, noting "any contention otherwise would ignore the commercial reality of any such financial investment."

The court also accepted ASIC's argument that Earner was a derivative as the amount returned to investors varied by reference to the value of the digital asset and exchange rates, ASIC said.

Block Earner does not have an AFSL but is an AUSTRAC-registered provider and was granted an Australian credit licence by ASIC last month.

Commenting, ASIC chair Sarah Court welcomed the decision to clarify when an offering is deemed as financial product.

"This reinforces ASIC's long-standing position that the definition of financial product is broad and technology neutral and so captures new and emerging products without the need to amend the legislation," Court said.

"Firms offering products that provide a return to consumers or involve the conversion of assets must carefully consider whether their offerings are financial products, and if so, ensure they are appropriately licensed or authorised before distributing them."

ASIC commenced civil penalty proceedings against Block Earner in November 2022 over concerns on investor protection, and although Block Earner was found to have provided unlicensed financial services, the Federal Court decided not to issue any pecuniary penalty.

However, ASIC believed that Block Earner should pay a penalty of as much as $350,000 and escalated the matter to the High Court last May.

In response to the judgement, Block Earner co-founder and chief executive Charlie Karaboga acknowledged the decision and will continue to engage constructively on the regulatory process.

"However, it is important to highlight that this proceeding concerns a product that was voluntarily closed in 2022," he said.

"We continue to believe that legal clarity for Australia's digital asset sector should come through proper legislative reform, not retrospective litigation. It is unfortunate that such significant questions about the application of financial services law to digital assets have had to be tested through enforcement against a small, innovative Australian startup.

"We're excited about the future and remain committed to ongoing regulatory engagement and to contributing to the development of fair, forward-looking financial services laws in Australia."

There has been no finding of customer loss, dishonesty, or misconduct, Block Earner said.

The matter will now be returned to the Full Court of the Federal Court.

Northern Trust has been appointed to provide asset servicing for clients of the new offering.

Frontier announced in October 2025 it would be absorbing the State Super investment team as part of developing the capability to offer an end-to-end advice and portfolio management service for institutional investors.

That team successfully transitioned into the firm in December and has continued to manage the State Super portfolio as 'client number one' of the ICIO service.

Frontier has been collaborating with Ironbark Investment Solutions' Corporate Trustee business for more than a year to design the structure required to bring the ICIO solution for clients beyond State Super.

Frontier said the final piece in the puzzle was securing the services of a custodian.

Under the appointment, Northern Trust will provide global custody and fund administration functions to support the ICIO operating model.

The ICIO service will deliver investment advice and portfolio management capability through a scalable wholesale managed discretionary account (MDA) structure designed to support multiple underlying clients.

Ironbark will be the MDA provider responsible for independent oversight of the wholesale managed discretionary account, its appointed service providers and to ensure client portfolios are managed in line with their agreed investment program.

Frontier said it developed the ICIO service to meet growing demand from asset owners seeking institutional-grade portfolio management and operational support without having to give up the integrity of an advice model that is free from product conflicts.

Frontier chief executive Andrew Polson said he is excited to be ready to start taking on new clients.

"We've had great feedback since we announced our ICIO plans in late 2025 and that has come both from our existing clients and a range of groups we haven't had the chance to work with previously because we could not fully meet their requirements, despite their interest in Frontier," Polson said.

"A major part of what these investors are looking for is getting access to custodian services. Having an organisation like Northern Trust providing a consistent, scalable servicing and data framework is powerful and their reputation and record adds to the capability and confidence the Frontier brand provides as part of ICIO."

Frontier said Northern Trust was chosen following an extensive and competitive selection process run over several months managed jointly by Frontier and Ironbark.

"Australia is a key growth market for Northern Trust, and we continue to build upon our support for institutional investors as they modernise their operating models," Northern Trust head of Australia and New Zealand Leon Stavrou said.

"Our commitment to client service, technology, governance and advanced data delivery are central to Frontier Advisors' ICIO proposition and a key reason we were selected for this mandate. Importantly, our scalable data support model can evolve to meet the requirements of the ICIO platform's continuing development. We look forward to working closely with Frontier Advisors as they grow their ICIO offering in the Australian market."

Business Health's newly released What If...? report reveals 67% of principals do not have a documented succession plan that states how the business should run in the event of a sudden death or permanent disablement.

Only a minority have undertaken comprehensive, regularly reviewed plans covering all contingencies.

"While it is important to plan for contingencies such as retirement and resignation, unexpected death should be regarded as the primary planning priority. In the absence of a clear plan, the consequences can be severe, potentially resulting in significant disruption for clients and considerable distress for family members, as the value of the business may be materially diminished," the report read.

Interestingly, preparedness appears to improve with scale and revenue. Advice firms generating between $2 million and $3 million in annual revenue were more likely to have formal succession arrangements in place.

Single-owner firms are particularly exposed, often combining the highest level of key-person risk with the lowest levels of preparedness.

At the same time, 41% of practices rely on a single adviser, amplifying continuity risk for clients.

Self-licensed principals face additional challenges, including uncertainty over who can legally service clients. Externally licensed practices, on the other hand, can provide support but this depends on clearly defined agreements stating so.

The report overall found a consistent disconnect: advisers who guide clients on risk management are often failing to apply the same principles to their own businesses.

"The business often represents a significant financial asset, and without a formal plan in place, this value is exposed to substantial risk. The consequences of inadequate preparation can therefore be considerable, both financially and emotionally," Business Health said.

The findings should also ring "warning bells" for those that have not a conducted formal external valuation of the practice. Some 56% of practices surveyed have never had one.

"Firstly, a formal external valuation ensures there is not an unrealistic expectation as to the value of the business. It can also identify what areas of the business need to be worked on to maximise its value. Getting an independent valuation is a very positive move," Business Health said.

Penning a letter to super funds and insurers, APRA defined geopolitical risks as "the potential for adverse impacts on the financial system from international tension, including trade restrictions, sanctions, grey-zone activities and conflicts."

But unlike previous economic or market shocks, geopolitical shocks "can build gradually, escalate quickly and be transmitted through multiple channels simultaneously."

APRA cautioned a single geopolitical event could trigger a cascading impact across institutions.

This can impact offshore investments or operations and interrupt claims, administration or member services - ultimately undermining customer and market confidence.

"Entities therefore need to be able to identify interdependencies early, escalate issues quickly, make clear decisions under stress, and coordinate responses across business areas and with public sector partners," APRA said.

The prudential regulator also urged trustees to focus on emerging risks, including foreign interference and disinformation, as well as the operational implications of sanctions and shifting international policy settings. Technological developments, particularly in artificial intelligence, could further amplify geopolitical risks by accelerating cyber and information threats.

At the base level, APRA expects super funds to incorporate geopolitical risk into their enterprise risk management frameworks, governance structures, practices and culture.

They must also actively monitor the geopolitical environment to identify emerging threats and to ensure decision-making processes are agile and coordinated, particularly during crisis scenarios.

Operational resilience is another key focus. APRA expects super funds to demonstrate that geopolitically driven operational risks are identified, assessed and managed through robust controls, monitoring and remediation practices.

The regulator emphasised expectations should be applied proportionately, depending on an entity's size, complexity and business model.

However, boards remain ultimately accountable for ensuring their organisations are prepared to respond to an increasingly complex and interconnected risk environment.

APRA is working with the Council of Financial Regulators on system-wide resilience and public-private coordination on this initiative. APRA's 2026-27 Corporate Plan previously flagged the regulator will focus on lifting geopolitical risk readiness.

"Entities also need to act now through their own governance, risk management and crisis preparedness practices," APRA chair John Lonsdale said.

"Entities should remain adaptable in an operating environment in which geopolitical shocks are likely to be more frequent, more complex and more consequential. Where APRA identifies heightened exposure, weak governance, or inadequate crisis preparedness, we will take appropriate supervisory action to address these gaps."

"This gives shareholders a say before significant dilution. Shareholders are also given flexibility to increase this cap via their constituent documents or with shareholder approval," ASX said.

It said the capping is applicable on ASX 300 companies and will reduce significant dilution in public takeovers, while allowing shareholders to approve higher limits in advance if they choose.

ASX acting group executive of listings Gavin Skene said: "We have listened to the market and have heard loud and clear the market's support for more protections against share dilution in public takeovers and mergers."

He noted submissions also consistently said shareholders should have a vote on enduring changes to a company's listing status and ASX needed changes that delivered execution certainty and predictable, non-discretionary rules.

"With these revised settings, ASX has balanced shareholder protection and market integrity with transaction and execution certainty ensuring the ASX remains an internationally attractive listing venue that supports company growth and productivity," Skene said.

ASX has also proposed shareholder approval before delisting where the dual listed entity has a material Australian shareholder base. Existing protections remain where shareholders must vote if their shares cannot be readily tradeable on another exchange, it said.

It also proposes shareholder approval before a listed entity changes an ASX listing to an ASX foreign exempt listing (FEL).

ASX is seeking submissions on the exposure draft until July 29.

In October 2025, ASX sought feedback on whether shareholder approval should be updated for certain transactions that can have a significant impact on shareholders. It received 45 submissions from asset managers, industry bodies, law firms, investment banks and listed entities.

The FinCap Private Markets Platform will initially offer three managed portfolios spanning private equity, private credit and real assets, supported by institutional research, due diligence and governance frameworks.

FinCap head or portfolio and investment solutions Ben Davis said the platform was created to address a longstanding gap between institutional and wholesale investors.

"Private markets portfolio construction has historically been the domain of large institutions with dedicated resources," Davis said.

"What we are building at FinCap changes that. Increased manager specialisation and the rise of evergreen investment structures have broadened access beyond traditional multi-strategy platforms."

The platform's flagship Helm Income and Helm Growth portfolios will hold between 10 and 20 funds, with around 15 preferred positions and a 15% cap on exposure to any single fund. FinCap said every manager will undergo institutional grade investment and operational due diligence before receiving an allocation.

Davis said the portfolios were designed to complement existing public market exposures rather than replicate them.

"FinCap has designed these highly concentrated portfolios to be genuinely complementary to existing public market holdings rather than diluted private markets beta that an adviser could replicate themselves," he said,

Global Investment research from BCA Research has been appointed to provide top-down asset allocation research and capital market assumptions, while a separate global manager research partner will oversee manger selection and due diligence.

FinCap executive chair Chrisitan Ryan said the platform was built to overcome barriers that have traditionally limited investor participation in private markets.

"The platform addresses three problems that have historically locked wholesale investors out of private markets at scale: liquidity, technology and governance," Ryan said.

Alongside the managed portfolios, FinCap has also launched FinCap Direct, a co-investment channel providing access to go single asset opportunities in private equity and real estate.

Ryan said private markets represented a significant portion of the global investment universe and argued a modest allocation could improve portfolio outcomes.

"A strategic allocation of 10% to 20% to private markets can materially enhance portfolio outcomes without compromising overall flexibility," he said.

The launch comes as FinCap, founded by Ryan and backed by a strategic investment from Pinnacle Investment Management Group, looks to expand its private markets offering, including offshore and closed-end investment structures later this year.

Alexander Funds said the appointment follows a comprehensive search process undertaken by the board as the firm prepares for its next phase of growth and development.

Until Caldwell commences in the role, chair Trevor Chudleigh will assume executive chair responsibilities.

Caldwell joins Alexander Funds with more than two decades of experience spanning investment management, institutional markets, business development and financial services leadership.

He most recently served as general manager, distribution and marketing within Australian Unity's Wealth & Capital Markets division.

He began his career with J.P. Morgan Investment Management before moving to Merrill Lynch in Sydney, subsequently relocating to the United Kingdom where he held senior positions with Merrill Lynch and Mitsubishi UFJ.

Chudleigh said the board was unanimous in its decision and confident Caldwell was the right leader to guide the business through its next chapter.

"Alexander Funds has established a strong reputation for investment excellence, client service and disciplined growth," Chudleigh said.

"As we considered the leadership requirements for the future, John stood out for his commercial acumen, industry experience and ability to build and lead high-performing teams.

"Equally important was the alignment between John's leadership style and the culture that has underpinned Alexander Funds' success."

Alexander Funds is an Australian investment manager specialising in fixed income credit strategies. The firm manages approximately $1.76 billion in funds under management across a suite of actively managed funds.

The FSU said the offer follows the axing of 280 jobs at the company in the last 18 months and received claims some staff haven't received a pay rise in seven years.

According to the proposed agreement, less than half (47%) of Acenda staff would be guaranteed a pay rise.

"... many would lose rostered day off (RDO) entitlements, there would be no guarantees regarding work from home or hybrid work arrangements and new starters would be worse off when it comes to long service leave and redundancy provisions," the FSU said.

The enterprise agreement is the first for Acenda since it was created through the merger of MLC Life and Resolution Life in October 2025.

The FSU is now calling for an improved offer that ensures the mentioned issues are rectified. The ballot begins next week and runs until June 26.

Commenting, FSU national secretary Julia Angrisano said the latest agreement forces employees to choose between "arduous commutes or leaving the business."

"Acenda was once the industry leader in its flexible work arrangements and attracted staff from the regions with the promise that they could work from home," Angrisano said.

"This will in turn make it harder to attract top talent and ultimately dilute outcomes for customers, many of whom turn to Acenda for help after the loss of a family member.

"Acenda's workforce is better than the value the company is placing on them and they deserve an agreement that reflects the reality of the modern workplace."

Anonymous quotes from Acenda workers, obtained by the FSU, said: "I moved from Sydney to a regional town because Acenda promised me that I would have that flexibility. Now I am being told I need to go back into the office I am being faced with a choice of leaving my job or leaving a place where I have community."

"I haven't had a pay rise in three years, and I know people who haven't had a pay rise in even longer. The proposed agreement won't guarantee me a pay rise, it makes me feel that Acenda doesn't value my skills.

"Being able to have rostered days off helps me be able to spend time with my partner and children. To take that away for a pay rise that probably is not going to be higher than inflation is not good enough."

An Acenda spokesperson told Financial Standard the FSU statement does not accurately reflect its proposed enterprise agreement.

"Our proposed agreement has been developed following a comprehensive and good faith bargaining process, including extensive engagement with employees through multiple information sessions and feedback channels," the statement read.

"The proposal put to employees reflects a balance of fair and competitive outcomes for our people, and the long-term sustainability of the business. It includes defined pay increases, ongoing annual remuneration reviews, and retains redundancy entitlements for existing employees.

"Flexible working remains a core part of how we operate. Our policies have not changed and continue to support flexibility, while also ensuring our people have opportunities for connection, development and collaboration needed to perform at their best."

The regulator expects all participants including boards, auditors, responsible entities, trustees and chief investment officers, to assess current private credit practices against ASIC's ten principles and lift standards where needed.

Late last year, ASIC's deep dive in the sector found fund managers downplay the risks of their products and flout basic disclosures of the state of their investments. It said while some are doing the right things by investors, many are not doing so on a "material" basis.

ASIC said its message is straightforward: participants should use this reporting cycle to challenge assumptions, refresh valuations, and lift practices in line with its published principles.

ASIC recently also conducted a survey into the sector from March 26 to May 14, collecting responses from 22 managers covering 52 funds and around $76 billion in assets under management.

While it noted the survey is only a snapshot of the local market conditions, it flagged credit deterioration emerging unevenly with pockets of higher defaults, impairments, and loan amendments.

It found while most funds continue to manage liquidity adequately, buffers are tightening and macroeconomic pressures, including inflation, rising costs and supply disruptions are affecting borrower performance.

While redemption requests are contained, higher activity is being observed in some funds investing in global private credit managers.

ASIC's broader work on the sector also indicates valuations lagging economic reality and weaker borrower conditions may expose pressure in property development through cost escalation, project delays, soft presales, unsold stock, and weaker refinancing conditions.

It noted some portfolio concentration to a single developer group or related assets can increase risk where the underlying project performance changes and market conditions tighten.

ASIC said products described as stable or low risk may perform very differently in current conditions, particularly where there is higher concentration to construction lending, capitalised interest.

"For these reasons, refreshing June 30 valuations are an immediate point of action in private credit and across private markets investments generally. If valuations do not reflect current conditions and incorporate verified accurate information, there is a higher risk of misinformation and poor investor outcomes," ASIC said.

"ASIC expects participants to challenge assumptions and refresh valuations to ensure they are based on realistic and supportable inputs... Market participants should not wait for formal defaults before reassessing asset values and related risks."

ASIC noted in the United States and Europe weaker market conditions are already driving rising defaults, valuation uncertainty and redemption pressures.

It said while Australia's market has acknowledged structural differences, including greater exposure to real asset-backed loans in construction and property, those differences are not a defence against risk.

"Retail investor and superannuation exposure is increasing, and recent isolated incidents have highlighted how Australian retail investors can be exposed to offshore redemption constraints and liquidity pressures through local feeder funds," ASIC said.

"There are inherent linkages between the international and domestic markets as with all global financial markets."

ASIC highlighted meeting these obligations cannot be outsourced.

"Participants must ensure that all those in their funds management value chain-from origination through to audit-are meeting their responsibilities to support participants' obligations," ASIC said.

The transaction will see Soul Patts sell Brickworks' investment to the Industrial JV Trust assets to the Goodman Australia Industrial Partnership (GAIP) and Goodman Group entities. The agreed sale price of $1.89 billion aligns with the value of the assets at the time of the recent combination between Soul Patts and Brickworks.

Soul Patts chief executive and managing director Todd Barlow said the transaction would provide the investment house with greater flexibility to pursue opportunities across local and global markets.

"This transaction provides an opportunity for Soul Patts to reallocate capital towards opportunities we are currently seeing a cross domestic and international markets," Barlow said.

"We believe greater liquidity and flexibility are an advantage in the current environment," he said.

The deal follows the completion of the combination between Soul Patts and Brickworks, which triggered certain change of control rights held by Goodman and GAIP under longstanding joint venture arrangements.

Despite the divestment, Soul Patts will maintain exposure to industrial property through the Brickworks Manufacturing Trust. Established in 2022, the trust houses a portfolio of manufacturing properties in which Brickworks retains a 50.1% interest alongside Goodman Group.

Barlow highlighted the longstanding relationship between the two organisations which stretches back more than two decades.

"Soul Patts and Goodman Group have a long and productive history, delivering significant value for both parties over many years. That relationship continues as joint venture partners in the Manufacturing Trust," he said.

The Industrial JV Trust arrangements were originally established in 2005 as part of Brickworks' strategy to unlock value from surplus land associated with its building products operations. Under the structure, Brickworks held a 50% interest in several industrial property join ventures alongside Goodman entities.

Completion of the transaction is expected in late June and is not subject to any conditions precedent or shareholder approval.

The regulator updated a list first published in February, which identified 44 entities linked to lead generation, referral arrangements and advice businesses that acquire leads. The latest update brings the total number of names entities to 63.

ASIC stressed that inclusion on the list should not be interpreted as evidence of wrongdoing or a breach of law. However, it said consumers should exercise caution when dealing with businesses that use lead generation practices and exhibit high-risk characteristics.

"ASIC is putting participants on notice and will consider taking enforcement action where we detect evidence of contraventions of the law," the regulator said.

The review forms part of ASIC's broader efforts to address high-risk superannuation switching conduct, particularly where consumers are pressured into changing funds through unsolicited calls, social media advertisements or offers of free superannuation "health checks".

ASIC warned lead generators which mislead consumers, employ high pressure sales tactics or provide financial services without a licence risk breaching the law. Licensed financial advisers and businesses that engage such operators may also face regulatory scrutiny.

The regulator encouraged consumers to be wary of claims that their current fund is underperforming, promises of high returns, offers to locate lost super for free and situations where unlicensed individuals appear to be involved in the advice process.

The newly names entities include lead generation businesses such as Advisorlink, Australian Superannuation Resources, Data4u and Grow Your Super Australia.

This is alongside advice firms and corporate authorised representatives that have acquired leads, including Lunaris Wealth, Solara Wealth and Wise Investments Direct.

ASIC said superannuation trustees should review the warning signs identified in its report against their own data to help detect potentially harmful switching behaviour.

The regulator is continuing its review of advice licensees that use lead generation business models and intends to publish further findings later this year.

The launch of the Ironbark EQT Nexus Infrastructure Fund builds on the initial expansion to Australia by the Swedish investment manager of its EQT Nexus Infrastructure suite last year, which provides local investors access to the Value-Add Infrastructure, Active Core Infrastructure, and Transition Infrastructure strategies.

The upcoming product will provide eligible Australian and New Zealand investors with access to global deal flow and value-creation opportunities that were primarily available to institutional investors only in a closed-ended structure.

The fund will also leverage EQT's active ownership approach by using its infrastructure platform to invest in early-stage growth and mature assets in essential services, spanning the digital, energy, environmental, transport, logistics and social sectors, it said.

Commenting, Ironbark Investment Solutions chief executive Alex Donald said the partnership is enhancing accessibility of strategies that were traditionally challenging.

"We are delighted to partner with EQT to provide Australian and New Zealand investors with institutional-grade access to one of the world's leading infrastructure platforms and meet the growing demand for diversified, resilient private markets exposure," Donald said.

"The fund will offer eligible investors exposure to an evergreen, pure-play private infrastructure strategy and will look to address some of the traditional challenges investors face when accessing private markets.

"We look forward to working closely with EQT and the EQT Nexus Infrastructure team to bring these opportunities to investors."

Meanwhile, EQT head of Asia Pacific global wealth solutions Sueann Yeo noted there is a structural tailwind for infrastructure across various sectors.

"Infrastructure underpins some of the essential services that communities depend on - digital connectivity, energy and transport - and as an asset class it has historically offered investors the potential for long-term capital appreciation, resilience through market cycles, and some inflation hedge characteristics," Yeo said.

"The launch of EQT Nexus Infrastructure with Ironbark marks an important milestone for EQT in Australia, providing eligible investors with access to similar global infrastructure exposure that our institutional clients have accessed for decades."

This announcement marks the first distribution partnership for Ironbark Investment Solutions since rebranding as part of the broader Ironbark Financial Group in March 2026, and its partnership to offer global quantitative equity capabilities in October 2025.

Under the agreement Fidante will become part of the newly formed entity Channel Group and will be led by current Channel Capital managing director Glen Holding.

Fidante will continue to operate as a standalone brand but will benefit from broader scale in the combined entity with around $150 billion on assets, Challenger said.

Challenger will own 45% of Channel Group and receive up to $172 million in cash payments subject to certain conditions. Existing Channel Capital shareholders and Channel Group management will own 55% of Channel Group equity.

Challenger is set to recognise around $100 million in pre-tax gains on the sale in FY27.

Channel Group will have an independent chair jointly appointed by Challenger and Channel Capital, in addition to four directors appointed by Channel Capital and two appointed by Challenger.

Challenger chief executive Nick Hamilton said the merger will take Fidante into its next phase of growth as part of a larger and more diversified active funds management platform.

"This merger ensures we can remain strategic holders of Fidante while benefitting from a more diversified multi-affiliate platform," Hamilton said.

"We have been deliberate in our decision to pursue a merger with a strategically and culturally aligned business that will deliver strong outcomes for shareholders, affiliates and our employees.

"We're excited by the creation of Channel Group, the broader geographic reach and wider investor base it will provide to affiliates, increased career opportunities for our people, and the benefits for Challenger as a long-term holder and partner in a business we're building together."

Channel Capital said the merger positions Channel Group as one of Australia's largest investment platform and services businesses, supported by over 240 professionals across 11 global offices, with the capabilities to serve a diverse range of clients.

Channel Group will centralise operational expertise across shared infrastructure, including responsible entity and governance services. Within the group, Channel Capital, Fidante and Continental Funds Group will continue to operate as distinct, client-facing businesses.

Channel Capital said the model preserves the unique identities, investment philosophies and affiliate relationships that underpin each business' success, while enabling them to benefit from shared capabilities and operational scale.

Channel Group chief executive Glen Holding said: "Bringing together the strength and expertise of Channel Capital and Fidante creates a highly diversified, resilient platform with the ability to invest through market cycles.

"It's a truly distinctive proposition - one that gives boutique Australian managers the resources to grow, while offering global managers a proven, trusted gateway into the Australian market. That combination is highly differentiated in the market, and it's what will drive the next decade of growth for Channel Group."

Channel Group will operate across three core business lines: affiliate partnerships providing equity and revenue participation in boutique investment managers; distribution partnerships with major global firms; and institutional infrastructure services - including responsible entity, fund services and middle-office solutions - to major institutional clients.

"This transaction establishes a platform with the scale and structure to support long-term growth," Holding said.

"We have combined complementary capabilities while maintaining the brands and relationships that sit at the centre of client engagement."

Completion of the merger remains subject to regulatory approvals.

Prior to the announcement, PictureWealth Group was already the fastest-growing planning group in the country with AFSLs under PictureWealth Advisory, Futuro Financial Services and Insight Investment Services.

Today, it adds Capstone Financial Planning AFSL, which brings 220 financial advisers and $13.5 billion FUA into the fold.

CapBack, the recently launched backoffice services offering for self-licensed practices, will also become available under the broader PictureWealth group.

Capstone Financial Planning will continue to operate under its own name and will continue to be led by its managing director Grant O'Riley.

Capstone authorised representatives will also continue to operate under their existing AFSL licencing arrangements.

"The benefit for advisers and clients is access over time to the broader PictureWealth Group's technology, compliance, practice development and operational capabilities, while maintaining continuity in their existing relationships," said David Pettit, founder and managing director of PictureWealth.

"We are now entering a structured discovery phase whereby any future enhancements will be carefully considered and communicated well in advance.  Advisers who wish to discuss their individual arrangements can continue to do so directly - no matter what stage of their career or business cycle," he said.

O'Riley said the milestone deal is a great opportunity for Capstone's advisers and their clients.

"The shared philosophy and vision of Capstone and PictureWealth creates a natural alignment. Through the PictureWealth Group, there are now more pathways for advice practices to work with us, regardless of the licensing structure they have in place."

Pettit said that with Capstone joining them, PictureWealth can support more advisers who can leverage new advice technologies to make advice more accessible.

"Our additional scale allows us to invest more deeply in technology, compliance infrastructure and shared support services, helping advisers operate more efficiently, spend more time with clients, and extend quality advice to more Australians."

"It also creates succession and integration pathways that can help retain advice capacity and client relationships within the profession.

Following the announcement, PictureWealth Group climbs up the ranks to become one of the top five largest adviser AFSLs in the country.

In the latest Rainmaker Adviser Report, the largest financial adviser AFSLs groups are RI Advice Group, Morgans Financial Limited, Akumin Financial Planning, Alliance Wealth and Picture Wealth.

Count Financial, Lifespan Financial Planning and Ord Minnett round up the top eight.

Previously, the managers for the Mercer Australian Shares Fund were Ausbil Investment Management, FIL Investment Management (Australia), Firetrail Investments, Greencape Capital, Plato Investment Management, Vinva Investment Management and WaveStone Capital.

Effective May 28, Mercer trimmed the lineup to Ausbil, Greencape, Pendal, Plato and First Sentier Group's quantitative equities arm RQI Investors.

The changes saw the removal of incumbents and the introduction of RQI Investors and Pendal.

The Mercer Australian Small Companies Fund also experienced changes following a review.

The previous managers for that strategy were Firetrail Investments, RQI Investors, Longwave Capital Partners and Perennial Value Management.

The new roster shows only Longwave and RQI Investors are overseeing the small-caps fund.

Mercer said it regularly assesses external managers as part of its responsibility for establishing, implementing and monitoring each fund's investment objectives and strategy.

The changes follow Mercer updating the fund manager stable for its Mercer International Shares Fund and Advance International Shares Fund in early 2026 in a bid to streamline the structure to focus on core strategies that deliver more consistent excess performance.

In the latest update, the buy and sell spreads for the Aussie and small-cap funds have also changed.

The Australian Shares Fund's buy and sell spreads were 0.21% respectively. As at May 28, they were 0.17% respectively.

Australian Small Companies Fund's buy and sell spreads were 0.29% respectively. They are now 0.24% respectively.

Mercer said it revised the buy and sell spreads to reflect the latest available buy and sell spread costs of the underlying investment managers.

This year, we celebrate the Power50 list's 13th anniversary.

The FS Power50 are financial advisers deemed to be best promoting the value of the financial advice profession, while providing outstanding service to their clients and the wider community.

The Power50 comprises advisers who have won industry awards, brought their local advice community together, supported charitable foundations, promoted the value of financial advice in the media and across digital channels and more.

They include those that are active within industry associations, boast a strong social media following, and help uplift financial literacy and awareness.

As part of the selection process, we also invite relevant industry associations to nominate outstanding members of their associations and combine that list with the list of nominations from the Financial Standard editorial and research teams.

Financial Standard will also nominate outstanding advisers based on feature and profile stories we have published in FS Advice - The Australian Journal of Financial Planning.

To nominate a worthy financial adviser, please submit a nomination form here.

Nominations are open until July 20, Monday.

The shortlist will be announced on August 10, Monday, henceforth voting for the top 50 will also commence.

The 2026 Power50 will be unveiled on September 18, Friday.

Presenting a keynote address at the Digital Economy Conference in Sydney this morning, ASIC senior executive leader, fintech Rhys Bollen explained that regulatory certainty for tokenisation and digital assets is not at a binary state, but a "sufficient" degree of guidance already exists for related entities to adhere to.

That includes the passage of the Digital Asset Framework Bill earlier this year, which requires digital asset platforms (DAPs) and tokenised custody platforms (TCPs) to acquire an Australian financial services licence (AFSL) and oblige with consumer protection requirements.

Bollen said 23 firms that contain crypto-related activities have since obtained their licence to operate, with more expected to apply before the effective date of the bill in April 2027.

"If you're looking for regulatory certainty, it's not a binary state. It's not a yes/no; it's on a spectrum," he said.

"We would suggest that we have regulatory certainty today, or at least sufficient.

"We don't have perfect regulatory certainty; we don't in other sectors either as that's not a realistic state of affairs."

Further, Bollen said ASIC is providing an extension of an additional three-month period for certain businesses, following the Digital Economy Council of Australia's (DECA) submission suggested to widen its no-action period.

"It was raised with us that others may wish to bring themselves into the regime by becoming a corporate authorised representative.... we're going to reissue the no-action letter, including a couple of other scenarios and methods by which a firm can bring themselves into compliance," Bollen explained.

Additionally, to further enhance and support ASIC's roadmap to regulating the digital economy, Bollen is calling for the industry to participate the Enhanced Regulatory Sandbox program, which allows fintechs to test innovative financial products and services like AI-driven advice and payment tools.

ASIC is already working with eight firms on pilot programs, but Bollen is encouraging more businesses to engage with the regulator for better innovation across the financial markets.

"We're exploring further initiatives to allow financial market innovation across areas of infrastructure and tokenisation, and we'll continue to work with the bank and with DFCRC," he added.

"Following the three increases in the cash rate target since the beginning of the year, financial conditions are now tighter than they were, and there are signs that the economy is slowing as expected," the RBA said.

"But inflation is still too high and the board judged that it was appropriate to leave the cash rate target unchanged while it assesses the response to previous interest rate rises and the impact of the oil supply disruption."

The RBA said it will continue to be attentive to the data and the evolving assessment of the outlook and risks to guide its decisions.

"In doing so, it will pay close attention to developments in the global economy and financial markets, trends in domestic demand and the outlook for inflation and the labour market," it said.

"Monetary policy is well placed to respond to developments and the board is focused on its mandate to deliver price stability and full employment. It will do what it considers necessary to achieve that outcome, including increasing the cash rate target further if required."

Commonwealth Bank head of Australian economics Belinda Allen said a hawkish tone was maintained on the inflation side of the mandate at the same time growth was acknowledged to be slowing as expected.

"The key line of inflation risks being tilted to the upside was removed in the statement but in the press conference governor [Michele] Bullock did note inflation concerns and risks were still present. There was also a focus on a plausible scenario where inflation is higher and activity lower than the May forecasts, largely dependent on the path of the Middle East conflict from here," Allen said.

"At this stage we expect the RBA to remain on hold for the remainder of 2026 based on our forecasts for inflation and activity from here. But acknowledge the risks in the near term still sit to the upside. We continue to expect two rate cuts in 2027 based on our economic outlook with cuts in May and August 2027."

HSBC chief economist Paul Bloxham said the RBA appears to be in "wait and see" mode.

"Waiting to see the full impact of the tightening already delivered and of the other shocks to the economy - including the Middle East conflict and recent Federal budget tax changes - on growth and inflation," Bloxham said.

"We find it interesting that the statement essentially suggests that the extent of the slowing in growth is largely as the RBA had been expecting.

"Our own central case is that growth is already weaker than the RBA is assessing, and that this will keep the RBA from hiking further."

James joins U Ethical's leadership team with responsibilities for distribution, marketing and client services, brining nearly 25 years of experience across the funds management sector.

His previous roles include board director and head of distribution at Aberdeen Asset Management.

U Ethical chief executive Brett Jollie said the appointment represents an important step as the responsible investment manager seeks to expand its market presence and strengthen relationships across the industry.

"Stuart combines deep technical expertise across funds management with a strong understanding of the drivers of successful asset management businesses," Jollie said.

"He person of integrity, sound judgement and humility who builds strong relationships and leads in a thoughtful and collaborative manner," he said.

According to U Ethical, James has a strong track record of building distribution teams, securing research ratings and platform access, and developing relationships with advisers, consultants and research houses that support growth in funds under management.

Based in Sydney, James will focus on deepening engagement with adviser, consultant and platform networks, which U Ethical identified as central to its distribution strategy.

Jollie said James' appointment was aligned with the organisation's purpose-driven approach to investing,

"Stuart is excited about the opportunity ahead and his values align closely with what U Ethical stands for," Jollie said.

"He understands that our purpose is not just our point of difference- it is the foundation from which we intend to grow," he said.

James commenced in the role on June 16.

The appointment follows broader leadership changes at U Ethical. Earlier this year, the firm announced Jollie as its new chief executive, succeeding long-serving chief executive Matthew Browning. At the time, U Ethical said Jollie's appointment would help accelerate its growth strategy and expand its reach across Australia's institutional and wholesale investors markets, with the manager overseeing approximately $1.5 billion in funds under management.

The statement was formally adopted by a meeting of the G7 and partner countries' top companies, financial institutions, and industry associations in Paris on June 10 at the Critical Minerals Investment Forum.

The statement calls for greater mobilisation of private capital to build resilient and diversified critical minerals supply chains and for stronger coordination between public and private actors.

The 39 signatories include Airbus, BNP Paribas, Goldman Sachs and JP Morgan among others.

"Too often, these discussions focus on policy ambitions and supply-side development without taking into account the nuts and bolts that capital needs to build an investment case - in this case, to support the investment of working Australians' hard-earned retirement savings," ASFA chief executive Mary Delahunty said.

She said the forum made clear to policymakers that innovative approaches are needed to answer the critical minerals questions their governments need to answer.

"This could include blended finance, public-private partnerships, offtake agreements, and new mechanisms to help de-risk early-stage critical minerals projects," she said.

Delahunty noted resilient critical minerals supply chains will ultimately depend on the ability to mobilise large-scale, patient capital for long-term projects.

"From a superannuation perspective, the conversation needs to be around how capital is actually allocated, beyond the diplomatic community identifying that capital needs to be allocated. That means addressing things like the need for project transparency, strong governance, and appropriate risk-adjusted returns," she added.

Delahunty said Australia was the only country at the table bringing the pension sector directly into the conversation and ASFA will continue to work with the government and international counterparts to take this work forward.

ASIC is now collecting and publishing website addresses for Australian financial services (AFS) licensees through its Professional Registers Search (PRS), allowing consumers to verify whether a website belongs to a licensed financial services provider before engaging with it.

The move comes as scammers increasingly replicate the names, license numbers and websites of legitimate financial firms to create convincing fake websites and fraudulent investment and advertisements.

ASIC commissioner Alan Kirkland said the initiative would make it easier for Australians to distinguish genuine financial services providers from scammers.

"As the website addresses of more AFS licensees are collected, Australians will be able to more easily distinguish a genuine financial services website from a scam or imposter website by checking against website addresses listed on ASIC's register," said Kirkland.

"It will also support businesses, including digital and social media platforms, to strengthen verification processes for financial services advertising," he said.

More than 6500 AFS licensees have been invited to submit their website details since the initiative launched in May, with ASIC aiming to add the majority of licensee websites to the register in coming months.

Kirkland said ASIC could consider using compulsory powers if necessary to achieve a complete register.

The initiative forms part of ASIC's broader anti-scam strategy and comes amid persistent scam activity. New data from Scamwatch and ReportCyber showed Australians lodged a combines 60,657 scam reports in the first quarter of 2026, with reported losses reaching $248.3 million.

ASIC said approximately one in five new investor alerts published through its Moneysmart service since late 2023 have involved the impersonation of an ASIC licensee, authorised representative or registered company.

Consumers can search the PRS using a firm's name, ABN, ACN or AFS licence number and compare website details before investing. ASIC is also encouraging businesses targeted by impersonation scams to utilise new online resources designs to support scam prevention and response efforts.

According to HESTA's research, based on a survey of 437 members in May 2026, more than half (58%) are not planning to take advantage of any super tax benefits before June 30, with many not clear on options available to them.

Although member activity typically surges in June, with data indicating prior years' voluntary contributions have quadrupled and spousal contributions have increased six-folded, as well as a 30% increase in salary sacrifice contributions, most don't take advantage of tax benefits during the period.

The survey revealed most understood the option to salary sacrifice (64%) or make a personal after-tax contribution into their super (70%), but awareness was well below 50% for all other options, including government co-contribution (37%), claiming a tax deduction (36%) and downsizer contributions (18%).

To encourage action, HESTA is declaring June 20 as 'Super Saturday', as the date coincides with tax time activity forecast to peak in the second last weekend of June.

The poll also indicated 57% said they would be more likely to take advantage of these options if they had simple assistance.

Commenting, HESTA chief executive Debby Blakey said the findings were a wake-up call for Australians to act this EOFY.

"We've launched Super Saturday as our research suggests people are more likely to act if they have access to simple guidance and encouragement. As the tax time window closes, we want more Australians to take the opportunity to put their financial futures first," Blakey said.

"Given cost-of-living pressures, top-up contributions will not be suitable for everyone, but there are other options and it's a great opportunity to check in on your super.

"Small steps can help, like seeing if you're eligible for the government co-contribution, consolidating old accounts or considering your retirement strategy."

This takes IFM's total share in Atlas Arteria to 39.6%, which includes a further 1.3% held on behalf of its clients.

IFM's latest offer for Atlas Arteria values the toll road operator at around $7.4 billion, up from the initial offer made last April, which valued it at $7 billion.

Atlas Arteria, however, continues to tell shareholders to reject the offer noting the "bidder can pay more".

It said the offer continues to materially undervalue the firm and is 12% below the $5.79 midpoint of the independent expert's valuation range of $5.39 - $6.20.

Atlas Arteria also noted that IFM has a track record of paying more than its initial offer price and it might benefit the shareholder from not accepting its current offer.

"IFM has paid more than its initial offer price in a number of previous public market situations with increases on average of circa 38% relative to the initial offer price," Atlas Arteria said.

It gave the examples of Aleatica where IFM raised its offer prices from 27 to 37 Mexican pesos, Sydney Airport where it raised the bid from $8.25 to $8.75 per security and Vienna airport where it's increased the price by 70% from its initial offer price.

IFM launched a hostile takeover bid for Atlas Arteria in late April, stating the action was spurred by continued underperformance from Atlas Arteria, and a significant change in strategy to pursue more mergers and acquisitions (M&A).

The toll road operator called the bid "too low, opportunistic and highly conditional" and asked shareholders to simply ignore all correspondence from IFM.

In its takeover bid, IFM pointed to Atlas Arteria's acquisition of the Chicago Skyway in 2022 - after which Atlas Arteria said it would not be pursuing further M&A, other than growth opportunities directly related to, or in proximity of, the existing business.

"The bidder wished to avoid a repeat of what it regards as the shareholder value destruction associated with the Chicago Skyway acquisition in 2022," IFM said.

Atlas Arteria had said prior to the takeover bid it was actively considering its holdings in Chicago Skyway and issued a notice to Ontario Teachers' Pension Plan (OTPP), the other major shareholder in Chicago Skyway, to sell its stake.

OTPP did not accept the notice, which expired on May 22. This allowed Atlas Arteria to consummate a transfer of its entire stake to a third party. It said it intends to continue exploring a sale of its 66.67% stake to a third party.

Atlas Arteria today confirmed it is progressing the sale of part or all of its stake in Chicago Skyway and is targeting the signing of agreements in the fourth quarter of 2026.

It said the proceeds from any sales would be additional to its distribution guidance of 40 cents per share for the year.

IFM has also contested that any sale of the asset might lead to a tax inefficient outcome for Atlas Arteria and securityholders.

To that end, Atlas Arteria noted it expects tax costs on a sale of Chicago Skyway to be immaterial.

Group executive of legal and company secretary Ian Pendleton prepares to step down after 14 years with the fund.

Pendleton, who has held a key role in the governance and legal oversight of the $190 billion-plus superannuation fund, will formally conclude his executive position on June 29 when the new structure comes into effect.

Aware Super chief executive Deanne Stewart paid tribute to Pendleton's contribution to the organisation, describing his tenure as instrumental in shaping the fund's governance culture.

"We give our heartfelt thanks to Ian for his unwavering dedication, member focus and the genuine care he has shown throughout his time at Aware Super," Stewart said.

"Ian's leadership has had a lasting impact on the professional organisation he helped build - one grounded in integrity, commitment and collaboration," she said.

As part of the transition, Aware Super will merge its risk, compliance and sustainability division with its legal and company secretariate function under a newly created governance structure.

Jane Couchman, currently Chief Risk Officer and Group Executive, Sustainability, has been appointed Chief Risk Officer & Group Executive, Governance, overseeing the combined division.

Stewart said the move was designed to strengthen governance and decision making across the organisation.

"I congratulate Jane on her appointment to this crucial role. Joining our risk and legal divisions is designed to enhance operational alignment, further enable cohesive decision making and positions us to continue to deliver effectively on our operational and strategic priorities," Stewart said.

"In an environment of evolving risks and opportunities, strong governance and prudent risk management are critical to fulfilling our obligations as the stewards of our 1.3 million members' retirement savings."

The restructure has also triggered several internal promotions.

Greg Gokavi-Whaley has been appointed to the newly created deputy chief risk officer role, while Belinda Dent will take on an expanded general counsel position.

Anthia Lepouris has also been promoted to an expanded company secretary role, reporting to Couchman.

The changes come as superannuation funds continue to bolster governance frameworks amid heightened regulatory scrutiny and growing operational complexity across the sector.

APRA has laid out revised draft of prudential standard CPS 510 Governance, which ultimately seeks to raise expectations for boards and senior leadership teams.

The updated framework seeks to "reflect contemporary best practice, establish clear benchmarks" with several proposed changes.

APRA wants to streamline compliance by removing duplicative fit and proper reporting requirements, given that the Financial Accountability Regime is now in place. This is expected to eliminate the need to submit forms for some 6000 individuals.

The revised CPS 510 also aims to improve flexibility for boards by enabling them to delegate APRA's board requirements in other prudential standards, and by aligning governance requirements with other codes and regimes where appropriate.

APRA said the changes would also strengthen requirements for board governance, conflicts management and the fitness and propriety of directors and executives.

The consultation is open until August 28.

Submissions in response to the consultation and stakeholder meetings will inform the final standard and related guidance, which is set to be released later in the year.

APRA expects the new requirements to take effect from early 2028.

APRA chair John Lonsdale commented: "Strong governance is fundamental to the safety, resilience and performance of banks, insurers and super funds. Over a long period of time, APRA has observed that problems at our regulated entities can be frequently traced to poor oversight, unclear accountability or weak challenge."

"Alongside lifting expectations, we've sought to strike the right balance between safety and efficiency. In allowing boards more freedom to delegate lower value compliance matters and reducing reporting, our goal is to ensure boards have capacity to direct their attention to the issues of most importance."

This is the final phase of APRA's governance review. The first phase kicked off in March 2025, when APRA flagged the "poor practices" of super fund and insurance boards.

The proposed changes included strengthening board independence, especially in relation to entities that are part of a group and clarifying APRA's expectations around the roles of boards, the chair and senior management.

APRA's action came amid scrutiny of governance failings, including an independent review of Cbus, which found scant evidence of its relationship with the Construction, Forestry, and Maritime Employees Union (CFMEU) being in the best financial interests of members, while also finding it processes for determining the propriety of board directors to be lacking.

Recent roundtables hosted by APRA and ASIC heard the importance of how its System Risk Stress Tests (SRST) should be designed and the implications these will have on super funds and the broader financial system.

Super fund attendees, which included representation from NGS Super, Vision Super, Legal Super and Russell Investments, concurred that liquidity management is a key component of stress and systemic impact. The super fund chief executives also acknowledged that owning illiquid assets comes with several challenges.

While the SRST was not a test of solvency, the regulators said the discussions highlighted that the nature of liquidity pressure may change as the system matures and demographic shifts unfold, including the increasing proportion of members entering retirement.

"The operational resilience of material third party service providers was identified as a key amplifier in stress scenarios chief executives agreed that dependencies on third parties such as custodians, administrators, and payment, clearing and settlement systems were potential points of systemic vulnerability," they said, urging for stronger oversight of the service provider chains.

APRA and ASIC emphasised the need for trustees to strengthen their operational resilience to ensure critical services are delivered throughout the supply chain.

The stress test also highlighted the "ever-increasing scale, interconnectedness and importance of the superannuation sector in the Australian financial system."

While superannuation funds usually stabilise markets during stress but can sometimes amplify shocks, APRA said this depends on their response to liquidity pressures and market conditions.

Overall, the regulators have sharpened their focus on system-wide risk in superannuation, warning of growing interconnectedness and operational vulnerabilities.

Super funds, in response, suggested that future exercises may benefit from more targeted scenarios aimed at critical risks to improve the comparability of responses and that there was "general agreement on the value of stress testing for superannuation going forward."

Super funds also acknowledged the need to continue building capability and stress-testing maturity across the industry, particularly for complex and multi-dimensional crises.

Last year, APRA undertook its first SRST for superannuation funds as flagged in its System Risk Outlook report.

Charl Marais joined as senior portfolio manager, while Dan Cave returns to the company in a newly created role of deputy head of income research.

Based in Zenith's Sydney office, Marais has over 25 years of experience across portfolio management, manager research and selection and multi-asset strategies. He most recently worked in the same capacity at Yarra Capital Management, where he oversaw investment performance across the business' funds and mandates for the past five years.

Prior to that, he held similar roles at Nikko Asset Management and Suncorp Group, and was a research analyst at Morningstar.

Marais will report to head of portfolio solutions Andrew Yap, who said the appointment reflects the growing demand for its portfolio management capabilities.

"Charl brings a depth of experience that spans institutional portfolio management, external manager research, and multi-asset portfolio construction across some of Australia's most respected investment firms," Yap said.

"His experience demonstrates exactly the kind of rigorous, performance-focused approach our growing client base expects. We're looking forward to the expanded capacity his appointment will bring to the team."

Meanwhile, Cave will rejoin Zenith having originally entered the business in 2017 as senior investment analyst before departing for Frontier Advisors in 2023.

In his time at Frontier Advisors, he was part of the real assets team conducting manager research and advising institutional clients on private infrastructure. He also worked as a financial adviser at KRA Wealth Management and interned at M&A Partners.

In his new role, he will be based in Melbourne and report to head of income research and head of sustainability Dugald Higgins.

Higgins welcomed Cave's return to the business.

"Dan has deep expertise in income research and a thorough understanding of how Zenith operates - he knows our standards, our methodology and our clients," Higgins said.

"He returns with a broader perspective on the institutional market and a sharper focus on private markets, which adds a valuable dimension to our income research capability. This is a newly created role and Dan will play a central part in continuing to strengthen our offering."

At the US Attorney's Office for the Southern District of New York, Leech admitted to providing false and misleading testimony to the Securities and Exchange Commission (SEC), which was investigating his alleged favouritism to certain strategies and clients.

Authorities estimate that Leech allocated trades with first-day gains of about US$600 million to preferred strategies, while assigning roughly the same amount in first-day losses to other client accounts, despite owing a fiduciary duty to all investors.

Leech's conduct affected both institutional and retail clients, including those relying on him to manage savings and pension plans.

"Investment managers, like Leech, are entrusted by the SEC and the public at large to comply with their duty to be honest to regulators and fair to their clients," said Deputy US Attorney Sean S. Buckley.

"Leech willfully and intentionally gave false and misleading testimony to the SEC in an effort to obstruct an investigation into his fraudulent scheme to favour certain clients at the expense of others."

Days before entering the plea, the SEC slapped Franklin Templeton's Western AM with a US$100 million penalty for failing to detect and prevent its former staffer's cherry-picking scheme.

The watchdog found the fund manager failed to take reasonable steps to ensure Leech's actions were consistent with the firm's fiduciary duties and its disclosures to clients, including that its investment allocations would be done in a manner that was fair and equitable. The offending period ran from January 2021 through to October 2023.

At the criminal hearing, Leech was found to have "engaged in a criminal scheme commonly known as cherry-picking to compensate for losses in his marquee investment strategy by assigning trades that performed well during their first day into client accounts associated with that investment strategy."

He then assigned trades that performed poorly over their first day into the accounts of other clients, who were not aware that Leech was causing them losses to favour others.

Leech pleaded guilty to one count of obstructing justice, which carries a maximum sentence of five years' imprisonment. The sentencing is scheduled for September 21.

Buckley added the plea reflects the "commitment of this Office and its law enforcement partners to protecting everyday investors - in New York City and abroad - from investment advisers who violate their legal commitments and seek to deceive clients for their gain or the gain of others."

He credited the Federal Bureau of Investigation and the SEC for their roles in the investigation.

The ASX-listed company confirmed it has received revised indicative takeover proposals from Pacific Equity Partners, I Squared Capital and Oaktree Capital, with offers up to $1.60 per share which values the company at around $850 million.

In April Pacific Equity Partners made an unsolicited takeover bid to acquire oOh!media for $1.40 per share.

At the time, the offer was a premium of 64.7% from its last closing prices of $0.85 and valued the media firm at around $747million.

In May I Squared Capital jumped into the mix, topping Pacific Equity Partners' bid with a fresh offer that valued the firm at $765 million.

The oOh!media board rejected both bids having unanimously determined they "did not adequately reflect the intrinsic value" of the company.

"The board provided limited due diligence to enable each party of assess whether it was able to put forward a revised proposal that may be capable of the board's recommendation," oOh!media said.

"After a three-week period of limited due diligence, the board has received indicative proposals from Pacific Equity Partners, I Squared Capital and Oaktree Capital Management, with a number of those proposals offering $1.60 per share."

oOh!media confirmed the proposals are subject to a number of conditions.

"Having considered all proposals in conjunction with its advisers, the board intends to provide further due diligence access to those parties, which is expected to take up to six weeks," it said.

"There is no certainty that any proposal will result in a binding offer or that any transaction will eventuate, and oOh!media will continue to update the market in accordance with its continuous disclosure obligations."

The oOh!media board has told shareholders not to take any action at this time in relation to any proposal.

Barbara Ginet will take on the role, joining from Citi where she was most recently managing director and markets treasurer leading the global markers business treasury build-out.

Ginet brings extensive experience across treasury, funding, liquidity, balance sheet management and markets, having held senior treasury roles at Citi, UBS, Nomura and Lehman Brothers, as well as fixed income front-office positions at Deutsche Bank, JPMorgan and Merrill Lynch.

Prior to Citi, Barbara spent eight years at UBS as managing director in a range of treasury roles, including global head of funding, EMEA, and investment bank treasurer.

During this time, Ginet reshaped the treasury operating model and delivered major liquidity, funding and capital optimisation initiatives, AustralianSuper said.

AustralianSuper acting head of investments, Europe, Joris Hillman said: "We are delighted to welcome Barbara to AustralianSuper and look forward to drawing on her depth of knowledge and experience as we continue to grow our global footprint."

This comes after AustralianSuper also appointed a new chief investment officer in May, with Shaun Mannuell set to take on the role effective July 1.

Manuell has led the fund's Australian equities team for 13 years, overseeing growth in internally managed equities from $1 billion to $100 billion for members.

AustralianSuper chief executive Paul Schroder said Manuell was the ideal candidate to lead the fund's global investment team.

"Following an extensive global search, I am pleased to announce Shaun as our next chief investment officer," Schroder said.

"Shaun has proven himself as an outstanding investor at scale over the long term and a great leader. He has a deep commitment to delivering for members who put their trust in us to grow and protect their retirement savings.

"Having worked closely with the directors of Australia's largest companies over many years, Shaun is known for his considered approach to representing the interests of members in Australia and globally."

In its submission to the Senate Economics Legislation Committee's inquiry into the Treasury Laws Amendment (Tax Reform No. 1.) Bill 2026, the FAAA said the decision to leave superannuation untouched by the reforms has created a significant tax advantage for investing in established residential property through SMSFs.

The association said the shift could encourage aggressive marketing by property promoters targeting Australians who may not fully understand the responsibilities and risks associated with running an SMSF.

"We are concerned that many of them will be convinced to do so via high pressure sales tactics without the benefit of financial advice, without a full understanding of the obligations that they are accepting the risks involved with such strategies," FAAA chief executive Sarah Abood said.

Abood warned the carve-out for superannuation could become "the next sphere of extreme consumer risk", noting an increase in social media advertising promoting SMSF property investment since the Budget announcement.

To address the issue, the FAAA called for stronger consumer protections, including mandatory education before establishing an SMSF, tighter restrictions on limited recourse borrowing arrangements, a ban on SMSFs investing in property development, limits on property-related SMSF advertising and stronger diversification guidance.

Abood also raised concerns about the design of the proposed CGT reforms, arguing they would reduce taxpayer choice and increase complexity through transitional arrangements requiring assets to be valued as of 1 July 2027.

"We have major concerns about the changes to capital gains tax. We believe it should be better targeted and not involve such high level of complexity," Abood said.

While broadly supporting the proposed Working Australians Tax Offset and standard deduction for work related expenses, the FAAA urged the government to provide greater certainty around the operation of the reforms and reconsider the proposed 30% minimum tax rate on capital gains.

A25 Concession connects Northern Montreal across the Rivière des Prairies to commercial and residential areas.

The transaction follows La Caisse's initial investment in 2023, when it acquired a 50% stake from Transurban in the A25 Concession. Plenary Americas, a La Caisse portfolio company, will support the asset's day-to-day operations.

Plenary Americas is a developer, manager and operator of infrastructure assets, particularly in public-private partnership models. It operates multiple road assets across North America.

La Caisse executive vice-president and head of infrastructure and sustainability Emmanuel Jaclot said: "By becoming sole owner, La Caisse strengthens its position in a Québec asset it knows well, while gaining greater flexibility in its management."

"As one of only two public-private partnership toll roads in Québec, the A25 Concession plays an important role in mobility across Greater Montréal by connecting the east end of Montréal to fast-growing economic areas on the North Shore," Jaclot said.

La Caisse said A25 customers will not be affected by the transaction and payment methods along with customer support channels such as the website and service centre will continue to operate as usual.

This values the toll road operator at around $7.4 billion, up from the initial offer made last April which valued it at $7 billion.

However, Atlas Arteria continues to recommend that shareholders reject IFM's offer.

"The offer is too low and materially undervalues Atlas Arteria. IFM is not paying an appropriate premium for control," Atlas Arteria said.

The new offer falls short of independent expert Kroll's valuation, which placed the global toll road operator's worth at a minimum of around $7.8 billion, with a fair value range of $5.39 to $6.20 per security. On the upper end, Kroll values the firm at around $9 billion.

Kroll had said IFM's initial bid undercut Atlas Arteria's value by a $1 billion.

"As both the offer price of $4.75 and the maximum consideration of $5.1 fall below our assessed value range for an ALX security, the offer is not fair," Kroll said.

IFM, on the other hand, urged shareholders to accept the bid at a premium to undisturbed trading prices and warned the price may fall in value materially following the offer.

Additionally, it called Atlas Arteria's independent directors' claim that additional value can be created by the sale of Chicago Skyway as "disingenuous".

It said the new offer price implies a valuation of the toll road operator's interest in Chicago Skyway in line with the acquisition price of 2022.

"There is no certainty that asset sales can be achieved at an acceptable price, and any sales may lead to a tax inefficient outcome for Atlas Arteria and securityholders. The timing of any asset sales are also highly uncertain, in contrast to the offer which provides cash certain value today," IFM said.

IFM launched a hostile takeover bid for Atlas Arteria in late April, stating the action was spurred by continued underperformance from Atlas Arteria, and a significant change in strategy to pursue more mergers and acquisitions (M&A). IFM already owns a 34.5% stake in Atlas Arteria through its wholly owned subsidiary Diamond Infraco 1.

The toll road operator called the bid "too low, opportunistic and highly conditional" and asked shareholders to simply ignore all correspondence from IFM.

In its takeover bid, IFM pointed to Atlas Arteria's acquisition of the Chicago Skyway in 2022 - after which Atlas Arteria said it would not be pursuing further M&A, other than growth opportunities directly related to, or in proximity of, the existing business.

"The bidder wished to avoid a repeat of what it regards as the shareholder value destruction associated with the Chicago Skyway acquisition in 2022," IFM said.

Atlas Arteria had said prior to the takeover bid it was actively considering its holdings in Chicago Skyway and had issued a notice to Ontario Teachers' Pension Plan (OTPP), the other major shareholder in Chicago Skyway, to sell its stake.

OTPP did not accept the notice which expired on May 22, which allowed Atlas Arteria to consummate a transfer of its entire stake to a third party. It intends to continue exploring a sale of its 66.67% stake to a third party.

ASIC described the court action as one of the most serious cases of financial services misconduct it has pursued.

Justice Michael Wigney ordered penalties of $156.7 million against Union Standard, $114.1 million against Maxi EFX Global AU, which traded as EuropeFX and $29.4 million against BrightAU Capital, trading as TradeFred.

The case centred on systemic unconscionable conduct between 2018 and 2020 that resulted in customers of EuropeFX and TradeFred losing more than $83 million.

ASIC chair Sarah Court said the outcome represented the largest penalties ever secured in connection with an AISC matter.

"These record penalties reflect the egregious nature of CFD issuer misconduct in this case," Court said.

"Union Standard, EuropeFX and TradeFred operated business models that deliberately targeted inexperienced and vulnerable people using aggressive sales tactics to pressure them to trade in highly risky CFD products," she said.

The court previously found EuropeFX and TradeFred derived most of their revenue from client losses, incentivised account managers to encourage larger deposits, made misleading representations about potential profits, and pressured customers to fund trading through superannuation accounts and credit cards.

Justice Wigney described EuropeFX's conduct as "unquestionable egregious, deliberate and flagrant", adding that the firm "systematically exploited many vulnerable and financially naïve and gullible customers for its own financial gain".

"I find it difficult in this case to envisage a more serious case of contravening conduct," he said.

The judgment also marks the first time a civil penalty has been imposed on a financial services licensee for failing to ensure services were provided efficiently, honestly and fairly by marketing CFDs to customers in China despite the risk of breaching local laws.

In addition to the penalties, EuropeFX was permanently restrained from providing financial services, ordered to publish adverse publicity notices and directed to refund customers' net deposits.

Court said the decision reinforced that Australian financial services licensees remain fully accountable for misconduct conducted under their licences.

"Entities that profit from their client's losses will face serious consequences," she said.

The penalty orders have been stayed until July 13 pending further proceedings.

The deal, which has an implied valuation of $1.6 billion, is expected to finalise in early July.

The ACCC's determination is unconditional and subject to the expiry of the statutory 14-day review period.

Magellan chair Andrew Formica said: "The ACCC's clearance is a significant milestone in the completion of the merger and brings us one step closer in our shared ambition to build one of Australia's leading financial services businesses."

He added Magellan has "built a recognised investment management franchise, supported by deep investment expertise and longstanding client relationships."

Magellan's board will put into motion a group rebrand following the merger, with shareholders to approve the proposal at the annual general meeting on October 22.

The company's name is set to change from Magellan Financial Group Ltd to Barrenjoey Group Limited. The ASX ticker code will also change from MFG to BJY.

Magellan Investment Partners, the group's investment distribution brand, will change to Barrenjoey Investment Partners.

"As we bring these two businesses together it is important that our brand reflects both the expanded capabilities of the combined group and the opportunities ahead," Formica said, adding that the name 'Barrenjoey' provides the strongest foundation for a unified brand.

In early May, Magellan confirmed job redundancies ahead of the merger, specifically affecting those who look after the global equities strategy.

Subsequently, the Magellan Global Fund - Open Class Units - Active ETF (ASX: MGOC) and Magellan Global Fund Hedged investment strategy changed to the Vinva Global Alpha Strategy. Vinva Investment Management was appointed as investment manager for the funds. The funds had about $5.3 billion in assets under management as at April 30.

Magellan, however, did not confirm the exact number of roles affected.

Established in 2010, Vinva has more than $47 billion in active strategy assets. Magellan has a 28% equity stake in Vinva.

Mrs Agrawal and Mr Agrawal were the directors of the entity, which collectively controlled 27 companies used for the funding, acquisition and development of property in Sydney's west, ASIC said.

Mr Agrawal was previously a financial adviser under Akumin Financial Planning and was active from April 2010 to November 2020.

Between 30 June and 4 August 2023, 16 Mansa Group companies were placed into voluntary administration or liquidation and up to 151 investors in Mansa Sons, the Mansa Group treasury company, have reported losing almost $34.5 million in the collapse.

Additionally, between 2017 and 2023, Mr Agrawal removed directors and shareholders of corporations within the Mansa Group without their knowledge.

He also applied for and obtained loans from third party lenders to the value of over $20 million on that basis with the use of false documents and used the loans for the benefit of other corporations which he controlled, ASIC found.

ASIC secured travel constraints for the pair in March 2024, and Mr Agrawal was subsequently sentenced in November 2025 to a total term of three years and three months imprisonment.

Although ASIC acknowledged that Mr Agrawal was the "controlling mind" of the Mansa Group, Mrs Agrawal showed a disregard for the law and proper management of the eight failed companies for which she was a director which currently owe at least $76 million to some 272 unsecured creditors.

In disqualifying Mrs Agrawal, ASIC relied on supplementary reports lodged by liquidator Simon Cathro of Cathro & Partners.

Mrs Agrawal is disqualified from managing corporations until 9 June 2031 and reserves the right to seek a review by the Administrative Review Tribunal.

She was the director of United Capital Australia; Mansa Sons; Dawn Enterprise; Patidar Group; SKTM Investments; SKTM Capital; TKA Investments; and TVESA Investments between 2010 and 2023.

According to ASX's announcement in February 2022, the Clearing House Electronic Subregister System (CHESS) replacement project was "progressing well" to go live on the scheduled date of April 2023. However, a month later the ASX U-turned from the initial announcement, disclosing there was a strong likelihood the project would be delayed.

In November the same year, ASX paused the project and derecognised approximately $245-$255 million of its own project costs. Further, the project was internally classified 'red', indicating significant unresolved issues or risks, ASIC said.

A year later, ASX announced a new CHESS replacement solution would be delivered in two releases, with clearing services in Release 1 and settlement and subregister services in Release 2. Release 1 went live on 20 April 2026.

ASIC commenced civil penalty proceedings in the Federal Court against ASX in August 2024, alleging it made the now admitted misleading statements.

By admission, ASX acknowledged it contravened sections 12DA and 12DB(1)(a) and (e) of the Australian Securities and Investments Commission Act 2001 (Cth).

As a result, both parties will ask the court to impose a penalty of $20.5 million, and order ASX to pay $3 million towards ASIC's costs.

Commenting, ASIC chair Sarah Court said ASX's statement risked undermining confidence in Australia's financial markets.

"ASX has admitted to making a misleading statement in relation to critical market infrastructure at the centre of Australia's financial system," Court said.

"These admissions concern the accuracy of disclosures to the market about a significant and complex project that carried real consequences for confidence, planning, and investment across the market.

"Accurate and timely disclosures are fundamental to maintaining trust in Australia's financial markets, particularly from entities that operate core market infrastructure."

ASX chair David Clarke apologised for the shortfall in this matter and recognised the magnitude of the misleading statements.

"When we stopped the CHESS project in November 2022 to reassess our whole approach, that tested market confidence in ASX and called into question the nature of statements previously made," Clarke said.

"As the market operator and a steward of critical market infrastructure, our words matter. I am sorry ASX fell short. We recognise the impact this has on trust and confidence, and we take responsibility for the lessons that must be learned from that experience."

He added that the project is now on "firmer footing" and highlighted the decision to settle the matter reflects the desire to focus on future developments.

"We will continue the reset across the group, informed by the findings of the ASIC Inquiry report delivered earlier this year," he said.

Interim chief executive Darren Yip said CHESS remains a "critical priority", and the successful delivery of Release 1 is a step in the right direction.

"Since go-live of Release 1, CHESS has continued to perform strongly, consistently processing elevated trading volumes during periods of heightened global market volatility - underscoring its resilience and scalability," Yip said.

"The significant investments we are making in our technology modernisation program remain a core focus for ASX."

The amount will be provisioned in FY25 as a non-recurring significant item, ASX confirmed.

Since these events, ASIC has obtained commitments from ASX to strengthen oversight, governance and delivery of the CHESS replacement program.

This is according to the Association of Superannuation Funds of Australia (ASFA), whose benchmarks have increased from prior estimates of $690,000 for couples and $595,000 for singles.

On an annual basis, ASFA calculates couples aged 65 and over now need $78,566 per year, while single homeowners require $55,923 to sustain their lifestyles.

However, ASFA's survey found 42% of Australians believe they will need more than $1 million in super to retire comfortably - well above the benchmark.

Expectations are particularly elevated among younger cohorts, with 51% of those aged 25 to 34 and 52% of 35 to 49-year-olds expecting to need at least $1 million.

ASFA chief executive Mary Delahunty said persistent inflation is impacting the cost of grocery, petrol, energy and other bills, reshaping perceptions of retirement adequacy.

"But the reality is that retirement generally costs less than working life. Retirees pay no tax on superannuation pension income after 60, most own their home outright, work-related costs disappear, and concessions reduce the price of energy, medicines, transport and council rates," she said.

Over the year to March, inflation rose 4.6% p.a. Electricity costs jumped 25.4% following the expiry of subsidies, while automotive fuel rose 24.2%. Food staples also climbed, with beef up 11.8%, and coffee and tea rising 10.7%.

Housing affordability continues to be a key factor driving higher perceived savings targets. Many younger Australians expect to carry housing costs into retirement, either through renting or mortgage repayments.

"Homeownership is an important aspect of dignity in retirement, alongside the financial security that comes from retirement savings. Addressing the housing affordability crisis, so that we start improving access to homeownership for younger generations of Australians, is a crucial public policy goal," Delahunty said.

Super Consumers Australia's (SCA) modelling found a financially comfortable retirement requires $432,000 in superannuation for couples and $322,000 for singles who are homeowners.

This was based on Australians owning their homes outright, and sought to determine how much Australians needed to sustain their desired standard of living until the age of 90, factoring in their entitlement to the Age Pension.

A single person homeowner will be able to save $322,000 by the age of 65 and ideally spend $1690 per fortnight or $44,000 per year during their retirement years. This also assumes that the Age Pension will fund about 67% of their retirement spending.

A couple, on the other hand, is forecast to spend about $2460 per fortnight or $64,000 annually during retirement and have $432,000 in their nest egg. Some 70% of expenses is assumed to be funded by the Age Pension.

A diversified approach for a changing tax landscape 

The retirement savings confidence gap between 'advised' and 'unadvised' Australians is set to widen following the Federal Budget handed down in May. The Budget announcement introduced what many describe as the most significant tax reforms in two decades, centred on proposed changes to Capital Gains Tax (CGT) rules, negative gearing, and the tax treatment of discretionary trusts.

Against this backdrop, many advisers are already preparing to navigate a changing tax environment. While reforms still require Parliamentary approval, those who are across them now are best placed to help deliver better after-tax outcomes for their clients and reduce tax bills down the track.

"There's a lot of uncertainty and policy changes announced at the moment. It's a real period of discovery for advisers and individuals as they reassess their tax structures and financial circumstances," says John Laver, head of investment at Generation Life.

Diversified tax structures 

Advisers are reframing strategies to prepare for a new tax regime.

Traditionally, 'don't put all your eggs in one basket' referred to diversifying across asset classes. After the Budget, the same principle applies to tax structures, Laver says.

"What we're seeing in the tax optimisation space is advisers looking not just at investment strategies but at how product structures fit together from an after-tax perspective."

Many advised Australians have relied on a combination of superannuation, bucket companies and discretionary trusts to manage tax. But the proposed reforms are prompting a serious review.

They are stepping back and asking questions, including what life-event goals are they solving for, what is their tax position today, and how will it impact their life goals over the next 5, 10 or 20 years?

The answers can determine whether existing structures remain fit for purpose and if not, what alternatives are needed.

A sense of responsibility 

Because incoming new tax rules may fundamentally reshape tax positions for years to come, advisers are viewing tax structures through a multigenerational lens.

"There's a real sense of responsibility now, like 'How am I going to leave my money and build a legacy for my family, not just the next generation but generations to come?'" he says.

According to the Grattan Institute, overall, longer lifespans add another layer of complexity. Estates are increasingly passed down to beneficiaries in their peak earning years, pushing the recipients into higher tax brackets.

"You're having to future-proof estate planning against legislative change risks - something people haven't really had to think about before," Laver says.

With larger estates, higher marginal tax rates and bracket creeps, wealth transfers are no longer straightforward.

Tax optimisation is key 

Generation Life offers advisers a suite of investment bonds that are designed to answer the need for flexibility and, at the same time, greater certainty within the tax paid bond.

The group's competitive edge over other product providers is its understanding of the tax profiles of most of their individual investors versus the 'pooled' tax treatment elsewhere.

"We're in a privileged position of knowing the tax rate of most of our investors. That's a massive headstart over structures where you're managing money for people with very different tax rates."

A fund manager investing for a mix of super funds, high-income earners, retirees and companies can't optimise for all of them simultaneously. "If they preference one profile, they disadvantage another," Laver says.

Generation Life, by contrast, can tailor decisions to improve individual after-tax outcomes.

"We know the tax consequences for most of our investors  of every trade, we know how long our cohorts of investors are likely to stay invested, and in many cases, we know why our cohorts invest ... whether it's for estate planning, tax-effective accumulation or long-term wealth building. That's a powerful starting point."

For those unfamiliar with the main benefits of investment bonds, Laver explains that they are a 'tax-paid structure' where earnings are taxed internally within the product to help reduce the impact of higher personal marginal  
tax rates.

If the investor keeps the investment bond for 10 years or more and it is not reset, it's considered fully tax-paid, meaning it can be withdrawn 'tax-free'.

And given the uncertainty around CGT, investment bonds allow for less CGT events.

Laver says putting all these features together means the effective tax rate of the product may fall from the headline 30% tax rate down to the annual 10-15% range for many long-term investors.

This tax optimisation amplifies the compounding effect of wealth over time.

Reducing client conflict 

Once a client is ready to transfer assets, intergenerational conflict becomes a real risk.

"We're seeing a lot of clients who want to transfer wealth discreetly, with clear rules. They want to control how income is paid to the next generation, or to a charity, and they want it to occur outside the estate to reduce the likelihood of conflicts, particularly in blended families," Laver says.

According to ABS data, more than a third of marriages are remarriages, and the 2021 Census recorded more than 500,000 blended families.

"There are multiple pillars to a legacy unit these days - previous partners, children from earlier marriages, and people you may want to leave money to outside the immediate family," he says.

These situations require flexible estate planning structures to try to reduce litigation risks. In 2023, 47% of estate disputes in NSW involved blended families, according to the NSW Supreme Court Registry.

"Nobody wants to leave wealth that is burdened by conflict. At Generation Life we offer tools that can reduce conflict risks while providing control."

For example, Generation Life's investment bonds offer beneficiary nominations that allow wealth to pass directly to chosen recipients, outside the estate, reducing the risk of disputes to the will and ensuring the individual's intentions are honoured.

From wealth accumulation to wealth transfer, fresh uncertainty around the tax system increases the likelihood of unadvised Australians making sub-optimal decisions about their savings and estate plans simply because of the layers of complexity involved.

But for advised Australians, financial advisers can demonstrate their value by providing solutions that help them stay ahead of known tax reforms, reduce anxiety over regulatory changes and preserve their wealth for future generations.

While the Global X Cybersecurity ETF returned 36.5% for investors, Betashares Global Cybersecurity ETF provided a return of 31.75%.

South Korea retained its place from the prior month, continuing to reflect strong investor interest in the region's technology-heavy market. iShares MSCI South Korea Capped Index ETF returned investors 31.6% for the month.

Asian technology exposure also featured, reinforcing a broader theme of outperformance across innovation-driven, high-growth equities.

ETF flows in May were broadly in line with April at $5.3 billion. Australian equities claimed the top spot for the month at $2.24 billion, narrowly ahead of international equities at $2.18 billion.

Cash & fixed income fell sharply to $494 million from $1.1 billion in April. Short exposures swung back into negative territory, and commodities returned to positive flows after April's outflow.

"Global equity markets extended their rally through May. S&P 500 companies reported 27% year-on-year earnings growth in Q1 2026, more than double consensus, driven by the hyperscaler capex cycle," Betashares investment strategist Tom Wickenden said.

"Emerging markets were a standout, the MSCI EM index rose 9.7% as investors rotated into Asian chip manufacturers as a higher-beta, cheaper alternative to US mega-cap tech. Korea and Taiwan were the principal beneficiaries. Asian technology and broad emerging market ETFs capture this exposure on the ASX."

The Australian ETF industry set a new record, reaching $364 billion in funds under management after a third consecutive month of net flows above $5 billion. Strong inflows, combined with positive global market performance, pushed the industry above $350 billion for the first time.

"Domestically, the 12 May federal budget was the major event. The proposed removal of the CGT discount for investments falls unevenly across vehicle types. Unlike direct portfolios and managed funds, ETFs can better manage turnover through in-specie creation and redemption, avoiding internal capital gains crystallisation under the revised regime," Wickenden said.

The community initiative of the year award was won by UniSuper for its STARS project.

The best campaigns for ETF products was won by Macquarie Asset Management in a hybrid campaign with Fundamental Media for the Macquarie Active ETF.

Stockspot took home the win for the financial advice campaign of the year for its Smart Investing, Simplified campaign.

For the financial education campaign of the year Generation Life took home the gong for its Nothing More Certain campaign.

In the insurance category, TAL's Life takes Guts campaign won campaign of the year.

La Trobe Financial won the Managed Funds Campaign of the Year for the La Trobe Private Credit Fund (LF1).

MLC Expand Retirement Boost won in the Platforms Campaign of the year.

The Retirement Campaign of the Year award went to Challenger for its Lifetime Proposition campaign.

Lastly, for the campaigns category, Australian Retirement Trust won the award for its Awaken your super campaign.

"We congratulate the winners of this year's awards. They reflect the best and brightest in the industry and have demonstrated investment excellence in uncertain times," Rainmaker manager director Chris Page said.

"With trillions of dollars pouring into retail investments and superannuation, investors and retirees need investment managers of the highest calibre to safeguard and grow their wealth. Our research shows these awards bring together an outstanding lineup of funds that investors can back with confidence."

More than 2300 votes across all categories were received.

Leader of the Year in Marketing was awarded to Macquarie Asset Management's Victoria Gardiner.

Gardiner has been with Macquarie for more than four years and is currently regional wealth marketing lead for Australia and New Zealand.

Rising Star of the Year in marketing went to Codey Angeloski from Colonial First State (CFS).

Angeloski joined CFS in 2025 and is currently marketing manager - investments.

For those working in distribution, the leader of the year was taken out by Anthony Mardini from Dimensional Fund Advisors.

Mardini has been with Dimensional for more than 15 years, having joined in 2011, and is currently head of financial institutions group Australia and vice president.

Distribution Rising Star of the Year was awarded to Amber-Lee Kristensen from Janus Henderson.

Kristensen joined Janus Henderson in 2019 and is currently associate director, intermediary client group and was also recently appointed as a director to the Janus Henderson Foundation board.

Leader of the Year in communications was awarded to Insignia Financial head of corporate affairs Rebecca Chivers.

Rising Star of the Year - Media was awarded to Ptarmigan Media account executive Arya Mishra.

Leader of the Year - Agency was won by Fundamental Media senior account manager Jack O'Shaughnessy.

"We congratulate the winners of this year's awards. They reflect the best and brightest in the industry and have demonstrated investment excellence in uncertain times," Rainmaker manager director Chris Page said.

"With trillions of dollars pouring into retail investments and superannuation, investors and retirees need investment managers of the highest calibre to safeguard and grow their wealth. Our research shows these awards bring together an outstanding lineup of funds that investors can back with confidence."