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Super tax structure less progressive: RIR

ELIZA BAVIN  |  FRIDAY, 20 NOV 2020
The Retirement Income Review has labelled the superannuation taxation system as "flat" and less progressive than the individual income tax system. The review noted that most people pay less tax when they chose to save through their superannuation compared ...

Insurance in super is confusing: Consumers

JAMIE WILLIAMSON  |  FRIDAY, 20 NOV 2020
Consumers engaging directly with their super fund on insurance matters are often left confused and overwhelmed by the information provided and upset they cannot get guidance specific to their circumstances, an ASIC report shows. A third of unadvised ...

Give the people advisers: Retirement Income Review

ELIZABETH MCARTHUR  |  FRIDAY, 20 NOV 2020
The first comprehensive review of Australia's retirement system has acknowledged that affordable financial advice is what people need to navigate the retirement system. After the Royal Commission exposed deep flaws in Australia's financial advice ...

APRA reduces CBA capital requirement

ANNABELLE DICKSON  |  FRIDAY, 20 NOV 2020
The Australian Prudential Regulation Authority (APRA) has made the decision to reduce Commonwealth Bank's additional capital requirement by half after improving governance concerns. The $1 billion capital add-on has been halved to $500 million with ...

Chief economist update: Australian wages slow but still grow

BENJAMIN ONG  |  THURSDAY, 19 NOV 2020
While many have seen their wages stagnate, or even drop, this year the latest figures from the Australian Bureau Statistics (ABS) shows wages are up slightly from last year. "The September quarter is generally a quarter of solid wage growth, however ...

World largest asset owners increase ESG, AUM

ANNABELLE DICKSON  |  TUESDAY, 17 NOV 2020
The largest asset owners in the world have increased both their monetary and social reach with active ownership becoming a key investment strategy, according to new research. The Thinking Ahead Institute's Asset Owner 100 (AO100) report shows the largest ...

ASIC sounds the alarm on buy-now-pay-later

KANIKA SOOD  |  MONDAY, 16 NOV 2020
One in five users of buy-now-pay-later services are missing payments, as the industry almost doubles its lending, according to ASIC's latest review of the sector. The sector tallied up $43 million in revenue from missed payments in FY19, rising 38% ...

Australians drain $35bn from super

ELIZA BAVIN  |  MONDAY, 16 NOV 2020
Around $35 billion has been removed from Australians retirement savings as the governments' early release of super (ERS) scheme edges towards its close. Having opened in April this year in response to the immediate effects of the COVID-19 lockdown ...

Advice firms need technology to survive: FPA

ANNABELLE DICKSON  |  MONDAY, 16 NOV 2020
The use of technology will be crucial to the sustainability of advice firms, new research shows. The Financial Planning Association's (FPA) recent survey undertaken by CoreData found that just over half of financial advisers surveyed (50.7%) believe ...

Chief economist update: Japan's third wave

BENJAMIN ONG  |  MONDAY, 16 NOV 2020
... couldn't come soon enough. For despite rebounding from multi-year lows in recent months, the Markit/Nikkei PMI surveys show that private sector activity in the country remains in contraction - the composite and services PMI since February 2020 and ...