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Stephen Jones confirmed as financial services minister

CASSANDRA BALDINI  |  WEDNESDAY, 1 JUN 2022
Stephen Jones has today been sworn in as assistant treasurer and minister for financial services, replacing Jane Hume who had overseen the financial services portfolio since 2019. Jones has served as shadow financial services minister since 2019 and ...

BT answers advisers' top tax time questions

ANDREW MCKEAN  |  WEDNESDAY, 1 JUN 2022
BT has released its hottest end of financial year tips for advisers; in the mix this year are changes to downsizer contributions, the super guarantee and minimum pension drawdowns. BT Technical Services fields over 2000 queries from financial advisers ...

Volatile crypto markets need better regulation: CHOICE

ANDREW MCKEAN  |  TUESDAY, 31 MAY 2022
CHOICE has made a submission to the federal government, providing a framework on how to better protect consumers from risks associated with cryptocurrency. According to the latest data from CHOICE's national consumer survey, one in five Australians ...

ClearView consolidates super, pension plans

JAMIE WILLIAMSON  |  FRIDAY, 27 MAY 2022
ClearView undertook an intra-fund transfer last week, closing a more than 30-year-old superannuation and pension offering. The transfer occurred on May 19 and saw all ClearView Superannuation and Roll-Overs and ClearView Pension Plan members transferred ...

Liberals should liberate Australians from super: Bragg

ANDREW MCKEAN  |  THURSDAY, 26 MAY 2022
Liberal senator Andrew Bragg has pulled no punches in a recently released policy manifesto titled The basis of a fair society is a strong economy, once again calling for superannuation to be voluntary for those on low incomes. "Superannuation is a significant ...

Total super assets grow to $3.4tn

ANDREW MCKEAN  |  WEDNESDAY, 25 MAY 2022
APRA's latest quarterly superannuation performance statistics show the industry's total assets increased almost 10% over the past year. Super assets totalled $3.4 trillion at the end of March 2022, a 9.7% increase from the year prior. The total assets ...

Industry groups welcome Labor government

ANDREW MCKEAN  |  MONDAY, 23 MAY 2022
The Anthony Albanese-led Labor government has been congratulated on its election victory by the Insurance Council of Australia (ICA) and Association of Superannuation Funds of Australia. On the morning Albanese was sworn in as the 31 st prime minister ...

Super home buyer scheme fails to move the needle

ANDREW MCKEAN  |  WEDNESDAY, 18 MAY 2022
... illiquid, and no income is generated while the fund holds a share of the home. "On the other hand, the member might be saving some rent or mortgage interest and we presume that any capital gain would be tax-free to the fund, another potential positive." ...

Superannuation not a super solution to housing affordability

ANDREW MCKEAN  |  TUESDAY, 17 MAY 2022
Homeownership rates have plummeted, but unions and industry groups have had a negative response to Scott Morrison's last-ditch pitch to 'aspirational Australians'. Morrison has said that supporting first home buyers is a key part of his government's ...

Government proposes further expansion of downsizer scheme

JAMIE WILLIAMSON  |  TUESDAY, 17 MAY 2022
The Morrison government has said it will expand the downsizer superannuation scheme by reducing the minimum eligibility age if re-elected this weekend. At present, the downsizer superannuation scheme is only available to those aged 65 years and over. ...