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Global wealth to rise 38% by 2027: Report

CHLOE WALKER  |  THURSDAY, 17 AUG 2023
... high-income nations. More than half of all UHNWIs currently reside in North America, while countries in the Asia Pacific region are home to more than 66,000. "This already considerably exceeds the roughly 40,000 living in Europe and this difference in ...

Super funds lobby for super tax reform

KARREN VERGARA  |  WEDNESDAY, 16 AUG 2023
... workers on low incomes to ensure that they are not the only Australians paying more tax on their super than on their take home pay. Some 63% of all low-income workers receiving the LISTO are women. The LISTO was originally aligned with the low-income ...

Pacific Equity Partners finances reverse mortgage lender

ANDREW MCKEAN  |  MONDAY, 14 AUG 2023
... is under $200,000. Yet, Household Capital also deemed Australian retirees "the wealthiest in the world", boasting a median home equity of over $800,000. Household Capital chair Nick Sherry said: "The wealth of baby boomers is mostly tied up in their ...

Investors recoup $3m in first Caddick payout

KARREN VERGARA  |  FRIDAY, 11 AUG 2023
... dead, though the nature of her demise could not be confirmed. Caddick went missing in November 2020 following a raid on her home by ASIC in relation to an alleged Ponzi scheme she had been running for some time. She is suspected of swindling investors ...

Industry fund cuts insurance costs

ANDREW MCKEAN  |  WEDNESDAY, 9 AUG 2023
An industry super fund has announced a reduction in weekly insurance premiums for death, terminal illness, TPD, and income protection cover. First Super reduced the weekly cost of its default insurance cover, prompted by fewer than expected claims in ...

Former advisers costs CBA $1.2bn in remediation

KARREN VERGARA  |  WEDNESDAY, 9 AUG 2023
... "CBA's record profit demonstrates that staff can continue to work productively while maintaining their current work from home arrangements." "The return to office mandate is clearly not necessary and we are therefore disappointed that CBA has chosen ...

Pinnacle steadies FY23 profit, FUM

KARREN VERGARA  |  FRIDAY, 4 AUG 2023
... challenging financial year, aggregate retail flows throughout the industry have been insipid and institutional investors at home and overseas have remained defensively positioned. "These significantly lower than normal flows have impacted FUM and flow-based ...

ACCC slams door on ANZ, Suncorp deal

CASSANDRA BALDINI  |  FRIDAY, 4 AUG 2023
... detriments. "We are not satisfied that the acquisition is not likely to substantially lessen competition in the supply of home loans nationally, small to medium enterprise banking in Queensland, and agribusiness banking in Queensland," said ACCC deputy ...

Mortgage holders, retailers relax after rate pause

KARREN VERGARA  |  WEDNESDAY, 2 AUG 2023
... the RBA's pauses. A stable cash rate in July didn't stop the nation's biggest lenders from lifting their fixed and variable home loan rates, Mortgage Choice chief executive Anthony Waldron said. The big four banks boosted their owner-occupier fixed rates ...

Capital Partners acquires Partnership Wealth Management

CHLOE WALKER  |  WEDNESDAY, 2 AUG 2023
... retire, so when it came to my own retirement, the most important consideration was to find a sustainable and professional home for my clients to continue receiving advice," White said. Meanwhile, Capital Partners managing director David Andrew said the ...