$1m does not make you rich, Australians sayBY MARK SMITH | MONDAY, 15 FEB 2016 12:25PMA fifth of those with a household income of $200,000 are living pay-cheque to pay-cheque and having $1 million does not make you rich. Related News |
Editor's Choice
Australia, UK partner to procure well-regulated financial markets
|Following its inaugural meeting in September 2025, the second UK-Australia Joint Financial Regulatory Forum took place this week, with Australia remaining vocal about placing greater emphasis on governance and asset valuation of private markets.
Count takes 30% stake in Brisbane advice firm
|Count has agreed to acquire a 30% stake in Brisbane-based accounting and financial advice firm Apiary Financial, continuing its push to expand its equity partnership network while reporting stronger first-quarter earnings.
Audit quality continues to fall short: ASIC
|The corporate regulator has called for improvements in audit quality and financial reporting after its latest surveillance found companies, including superannuation funds, are still not getting the fundamentals right.
ETFs entering 3.0 era: JPMAM
JPMAM believes thematic ETFs may become a thing of the past as actively managed ETFs become more prevalent.
Further Reading
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Jacqueline Fernley
CHIEF EXECUTIVE OFFICER
ARC POINT OCIO PTY LTD
ARC POINT OCIO PTY LTD
Jacqueline Fernley is a self-confessed nerd, a market animal and as of this year, her own boss. Riddhima Talwani writes.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
Unfortunately what having $1m in super now does is that it disqualifies you from the Seniors Health Care card, therefore giving you the dubious pleasure of paying much more for your health costs and missing out on discounts offered to other seniors.
Also self-funded retirees miss out on "compensation" offered to others, including on the now hopefully dead and buried proposal to raise the GST, which would have been a 5% impost on our cost of living.
The constant threats of more changes are also worrying, including the proposal to tax earnings on super backing income-streams, whereas if we withdraw the money and invest elsewhere and earn less than the threshold we will pay zero tax.