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Chief economist update: Australian recession - the next generation

BENJAMIN ONG  |  THURSDAY, 4 JUN 2020
... Federal Treasurer Josh Frydenberg opted not for a stay of execution and acknowledged that Australia's 29-year recession-free run is over. "Well, the answer to that is yes. And that is on the basis of the advice that I have from the Treasury Department ...

Industry fund appoints administrator

HARRISON WORLEY  |  TUESDAY, 2 JUN 2020
A $2 billion industry superannuation fund is set to go live with an automated superannuation administration service in early 2021 after inking a mandate with the firm. GuildSuper, the industry super fund for 80,000 people working in the pharmacy, childcare ...

Super withdrawals being misused

ELIZABETH MCARTHUR  |  MONDAY, 1 JUN 2020
... furniture, restaurants and alcohol. "There's a group of people out there living very large on pizza and beer courtesy of tax-free super. These are the most expensive pizzas they will ever eat," said Illion chief executive Simon Bligh. "This money is ...

Details of Mayfair's default revealed

ELIZABETH MCARTHUR  |  MONDAY, 1 JUN 2020
... Vasco said that Mawhinney sent an email on April 3 suggesting it release the capital protection reserves to IPO Wealth to "free up some liquidity for the benefit of the fund's unitholders". Mawhinney would later write to Vasco revealing that Mayfair's ...

ERS emerges as tax loophole for expats

ALLY SELBY  |  FRIDAY, 29 MAY 2020
... release scheme has opened up a handy loophole for expats living in Australia, helping them withdraw their super balances tax-free. Normally, temporary Australian residents would face a 35% tax on the taxable component of their superannuation balance ...

Let's not waste the crisis

ALLY SELBY  |  THURSDAY, 28 MAY 2020
As the nation's states and territories gradually reopen, business leaders have been called upon to harness the learnings of the crisis as we move into the next stage of recovery. Flexible working, reduced business travel, worker's rights, board ...

Collapse of REITs spells opportunity: SG Hiscock

ALLY SELBY  |  THURSDAY, 28 MAY 2020
... manager is cautious however on CBD office investments, and is more positive on non-CBD offices thanks to their lower rents, free parking and low rise space. "CBD office is a cyclical sector; we had already seen net absorption (tenant demand) go negative ...

IOOF to provide fee relief to adviser network

ELIZA BAVIN  |  THURSDAY, 28 MAY 2020
IOOF has announced a new initiative that will see its network of financial advisers offer free financial guidance to local communities until the end of September. IOOF said it is providing fee relief to its advisers to volunteer 60 hours of their time ...

Industry fund backs tobacco-free pledge

ALLY SELBY  |  THURSDAY, 28 MAY 2020
A $100 billion industry super fund has backed the Tobacco Free Finance Pledge Stamp, firming its commitment towards a more sustainable and tobacco-free future. First State Super has secured a Pledge Stamp, showcasing its public commitment to sustainable ...

Hong Kong financial hub status at risk

ELIZA BAVIN  |  THURSDAY, 28 MAY 2020
US Secretary of State, Mike Pompeo, has issued a stern warning to Beijing, threatening the status of Hong Kong as one of the world's biggest financial hubs. In response to the Hong Kong protests, Pompeo said Hong Kong is no long autonomous from mainland ...