Editor's Choice
ASIC issues 'wake-up call' to trustees on member complaints
|The corporate regulator is calling on superannuation trustees to improve oversight of issues arising from member complaints, noting many are not doing enough to use complaints as early warning signs of broader issues.
Aware Super expands Challenger partnership for lifetime income solution
|Aware Super has moved to expand its retirement income offering through a partnership with annuity provider Challenger, as superannuation funds face growing pressure to help members turn accumulated savings into sustainable income.
FBI accuses North Korea of $9bn Binance crypto heist
|North Korea has been accused of being the culprit behind the $9 billion (US$6.3bn) cryptocurrency heist from global digital asset platform Binance that took place last week.
ASIC takes action on Falcon Capital directors
|ASIC is suing the directors of Falcon Capital, the responsible entity for the failed First Guardian Master Fund, alleging "serious and widespread failures" in their oversight.
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Rethinking default design in a changing market environment
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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. |  |
Dr Newman has advocated the Australian minimum wage falling to levels comparable with the US.
Business should advocate for tax reform to encourage greater employment, but dropping the minimum wage would be an enormously damaging move.
One may well ask Dr Newman how he obtained the wealth necessary to own a cattle property that is "wonderfully relaxing and gives us the opportunity to regularly enjoy fresh air and simple pleasures with our children and grandchildren".
Why then, would you bring us down to the level of the US, where many of those who are less fortunate stay on the treadmill for their entire working life?
Dr Newman spoke of Australia's high minimum wage as something of a curse. From my perspective, we should all take great pride in providing a living wage to our fellow citizens.
When comparing the wages structure in Australia to Europe and, heaven help us, the United States, he overlooks the enormous social cost of the poverty created by these "competitive wage structures." And by quoting annual incomes at the minimum wage, he totally ignores the fact that a large proportion of these workers have only part time work.
Rather than wring our hands over the high cost of labour, why don't we emulate the Japanese in the 1980's when faced with an overvalued Yen. They called on the general population and the business community to strive for measured productivity increases, and succeeded in maintaining and improving their economic position.