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Budget 2018: Social media reaction

DARREN SNYDER  |  TUESDAY, 8 MAY 2018
No sooner had Treasurer Scott Morrison uttered his first words of the 2018 Budget when social media commentators began having their say. Here's how Twitter reacted. "A stronger economy. More jobs. Guaranteeing essential services. The Government living ...

Baby boomers receive $259 million, pension work bonus lifted

KANIKA SOOD  |  TUESDAY, 8 MAY 2018
Working baby boomers who also receive age pensions will now be able to earn up to $300 a fortnight before the Government starts to trim their pension payments. The 2018 Budget initiative formed part of Treasurer Scott Morrison's $258.6 million baby ...

Budget paves way for retirement income framework

KARREN VERGARA  |  TUESDAY, 8 MAY 2018
The Federal Government will accelerate the development of retirement income products and means testing could come as early as 1 July 2019. In Tuesday night's Budget, the Government said it will introduce a retirement income covenant that will require ...

ANZ considering buy-back with life insurance paycheck

KANIKA SOOD  |  TUESDAY, 8 MAY 2018
ANZ's first paycheck from the December sale of its life insurance arm to Zurich has arrived and the bank is considering buying back up to $1.5 billion in shares, on top of its current buyback program. The bank today updated the market that it has received ...

What the associations want from Budget 2018

KANIKA SOOD  |  TUESDAY, 8 MAY 2018
When the clock strikes half past seven and Treasurer Scott Morrison starts to read his speech, here is what Australia's major financial services associations will be hoping for. Financial Planning Association (FPA) In a 45-page pre-budget submission ...

InvestSMART to launch active ETF

ALEX BURKE  |  MONDAY, 7 MAY 2018
InvestSMART will launch an initial public offering for an actively-managed equity income ETF on May 14. The InvestSMART Australian Equity Income Fund (managed fund), trading under the ticker code INIF, will mirror InvestSMART's Australian Equity Income ...

Unlicensed SMSF advice not systemic: ASIC

HARRISON WORLEY  |  FRIDAY, 4 MAY 2018
ASIC has completed its review of unlicensed SMSF advice from accountants. The regulator found that there were no systemic concerns around the provision of unlicensed SMSF advice, but did note that the accountants reviewed had significant levels of inaccurate ...

Global investment firm to restructure

HARRISON WORLEY  |  FRIDAY, 4 MAY 2018
A global investment firm with $176 billion in assets under management will undergo a corporate restructure. Kohlberg, Kravis & Roberts (KKR) will convert from a partnership to a corporation on July 1, in a move which is designed to attract new investors. ...

Super fund launches renewable energy investment option

KARREN VERGARA  |  THURSDAY, 3 MAY 2018
Future Super will launch its new investment option later this month, one which targets a 20% allocation to renewable energy and does not invest in fossil fuels. Future Super co-founder Simon Sheikh said Future Super Growth (Renewables Plus) empowers ...

CBA finds no evidence of customer data breach

ALEX BURKE  |  THURSDAY, 3 MAY 2018
Following an investigation by KPMG, the Commonwealth Bank said no evidence was found that customer information was compromised when two magnetic tapes went missing in 2016. The tapes in question contained customer names, addresses, account numbers and ...