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Showing 31 - 40 of 127 results for "Cormann 15"

SG frozen till 2021, industry 'dismayed'

JAMES FERNYHOUGH  |  TUESDAY, 2 SEP 2014
The Senate has passed legislation that will freeze the superannuation guarantee at 9.5% until 2021, and abolish the Low Income Superannuation Contribution in 2017. The laws, which were part of an extensive package of reforms contained in the Minerals ...

Senate saves the LISC

JAMES FERNYHOUGH  |  MONDAY, 21 JUL 2014
The low income superannuation contribution (LISC) scheme has been saved after the Senate blocked the repeal of measures related to the mining tax. The LISC, which was a spending measure associated with the Minerals Resource Rent Tax, was saved after ...

Cormann tables adviser register to "weed out bad apples"

LAURA MILLAN  |  THURSDAY, 17 JUL 2014
A public register of financial advisers will help "weed out bad apples," the Financial Planning Association (FPA) said after the government announced the creation of a working group to consult with stakeholders. Finance Minister Mathias Cormann said ...

Senate votes against disallowing FoFA amendments

LAURA MILLAN  |  TUESDAY, 15 JUL 2014
The Labor and Greens attempt to disallow government changes to the Future of Financial Advice (FoFA) legislation failed after the Coalition was able to secure last-minute support from the Palmer United Party (PUP). The motion to disallow the government's ...

Super funds have clout to demand transparency

JAMES FERNYHOUGH  |  FRIDAY, 11 JUL 2014
Super funds should not be shy of demanding full holdings disclosure from alternatives managers in order to meet reporting standards, HOSTPLUS chief investment officer Sam Sicilia has said. Sicilia said that if the managers refuse to provide the information ...

Intra-fund advice exemptions in doubt

JAMES FERNYHOUGH  |  TUESDAY, 8 JUL 2014
Industry super funds could face stricter rules around block charging members for financial advice if the Senate blocks the amendments to the Future of Financial Advice (FoFA) reforms, Finance Minister Mathias Cormann has said. Singling out exemptions ...

Government still mulling response on Senate report

LAURA MILLAN AND AAP  |  THURSDAY, 3 JUL 2014
The government will monitor the implementation of Commonwealth Bank's (CBA) Open Advice Review program announced today while it works on its response to the Senate Economics Committee report. Finance Minister Mathias Cormann said that it was "appropriate ...

CBA needs to"lift its game": Treasurer

LAURA MILLAN  |  MONDAY, 30 JUN 2014
Treasurer Joe Hockey said Commonwealth Bank (CBA) needs to "lift its game" and added that the bank has handled the scandals within its financial planning businesses and the Senate investigation "appallingly." Hockey spoke this weekend at the Liberal ...

Government plays down support for royal commission

JAMES FERNYHOUGH  |  FRIDAY, 27 JUN 2014
Initial comments from the government suggest it may be unwilling to consider the Senate Committee's recommendation that there be a royal commission into Commonwealth Bank of Australia (CBA). Prime Minister Tony Abbott said the government would "carefully ...

Ripoll labels Cormann's FoFA changes "a stunt"

LAURA MILLAN  |  FRIDAY, 20 JUN 2014
"What a stunt" was Labor MP Bernie Ripoll's first reaction to the government's announcement that it will ban commissions on general advice. "Commissions have already been banned. By Labor," Ripoll said on Twitter. "Liberals say they will ban commissions ...