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Further tightening of monetary policy may be required: RBA

CASSANDRA BALDINI  |  TUESDAY, 18 JUL 2023
... expected and had been incorporated in the staff forecasts for some time, there was a risk that the wider effects on inflation had not been fully captured." Further, the RBA drew attention to the tight labour market. "While nominal wages growth appeared ...

Hostplus tops up mandate, returns 8% to members

CASSANDRA BALDINI  |  TUESDAY, 18 JUL 2023
Hostplus invested an additional $100 million in venture capital projects, while also confirming it returned 8% to members in its MySuper Balanced option. The fund invested a further $100 million with IP Group Australia, via its joint fund. To date ...

Trustees lack urgency, strategy on RIC: Regulators

KARREN VERGARA  |  TUESDAY, 18 JUL 2023
... One year since the Retirement Income Covenant took effect, a joint examination of 15 trustees by ASIC and APRA reveals that not only are super funds dragging their feet in implementing the covenant, but there is also a lack of quality in what is on offer. ...

Super framework ideal for advice: Jones

KARREN VERGARA  |  MONDAY, 17 JUL 2023
... us to where we need to be," he said. Talking through his rationale, Jones said many members make decisions as a household, not as an individual. Such decisions range from purchasing a home to getting married to a partner retiring. "How does any income ...

KPMG recommends gender-focused super reforms

ANDREW MCKEAN  |  MONDAY, 17 JUL 2023
... retirement savings could be attained for a budgetary cost of $45,500. KPMG Australia head of superannuation Linda Elkins said: "Not only would KPMG's proposal properly recognise and value the role home carers play - and help close the gender superannuation ...

Does ESG have a fiduciary issue?

ROSE MARY PETRASS  |  MONDAY, 17 JUL 2023
... global head of sustainable investing at Partners Capital. "For me, there is no such thing as ESG investing," he said. "ESG is not the right way to do it... we need make a distinction between ESG practices and generic impact investing." However, he added ...

HNW wealth transfer still on the to-do list

CHLOE WALKER  |  SATURDAY, 15 JUL 2023
... fourth year, uncovered nearly two thirds of Australian high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals do not have a wealth transfer plan in place. However, the majority have intentions to develop one - representing an estimated $4.7 ...

CFS settles super fees class action

JAMIE WILLIAMSON  |  FRIDAY, 14 JUL 2023
... conduct carried out between July 2013 and June 2020. The class action - brought by Slater and Gordon - alleged that CFS did not act in thousands of customers' best interests by continuing to charge existing members high fees under the commission ...

ACCC publishes draft guidance on greenwashing

RACHEL ALEMBAKIS  |  FRIDAY, 14 JUL 2023
... conscious, businesses need to be honest and transparent when making environmental or sustainability claims so consumers are not being misled," ACCC chair Gina Cass-Gottlieb said. "False or misleading claims can undermine consumer trust in all green claims ...

US regulators launch investigation into OpenAI

CASSANDRA BALDINI  |  FRIDAY, 14 JUL 2023
... executive Sam Altman said he is disappointed. "It is very disappointing to see the FTC's request start with a leak and does not help build trust," he tweeted. "That said, it's super important to us that our technology is safe and pro-consumer, and we ...