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Chief economist update: The do-nothing Fed

BENJAMIN ONG  |  THURSDAY, 18 MAR 2021
... stronger and unemployment lower providing enough impetus for higher inflation and by extension, reduced policy accommodation (read, higher interest rates). But isn't this a lot better than having the economy forever breathing through a ventilator ...

ASIC bans adviser over dodgy super consolidation

ELIZABETH MCARTHUR  |  MONDAY, 15 MAR 2021
... ASIC said Bhandari pressured consumers into signing super consolidation agreements over the phone, not allowing them time to read the terms and conditions prior to agreeing. Australian Dealer Group operated a website called "Australian Super Finder" ...

Chief economist update: ECB gives PEPP talk

BENJAMIN ONG  |  FRIDAY, 12 MAR 2021
It's not what the European Central Bank (ECB) did at its March governing council meeting - keeping monetary policy settings unchanged - but its PEPP (pandemic emergency purchase programme) talk that sent the Euro Stoxx-50 index on the up and up. ...

Chief economist update: Confidence contagion

BENJAMIN ONG  |  THURSDAY, 11 MAR 2021
Australia is once again being infected - infected with optimism, that is. We have discussed previously how the domestic economy has contracted less sharply than its peers and has rebounded stronger relative to its peer, later confirmed by the OECD 'Economic ...

Chief economist update: OECD sees stronger growth ahead

BENJAMIN ONG  |  WEDNESDAY, 10 MAR 2021
The year 2021 is shaping up to be a mirror image of the year that preceded it - annus horribilis 2020 - when economic growth forecasts were being sliced as the coronavirus epidemic that started in China turned into a pandemic of biblical proportions. ...

APRA calls out poor group insurance practices

KARREN VERGARA  |  TUESDAY, 9 MAR 2021
... be at risk, adversely impacting access to life insurance cover for a large part of the Australian community," the letter read. Several super funds have increased premiums, some as frequently as twice in one year, blaming increased government regulations. ...

Celebrating women in financial services

STAFF WRITER  |  MONDAY, 8 MAR 2021
According to recent data from the Workplace Gender Equality Agency, women hold 14.6% of chair positions, 28.1% of directorships and represent 18.3% of chief executives and 32.5% of key management personnel. Perhaps most concerning of all, only 0.4% ...

Dover, McMaster hit with $1.4m penalty

KARREN VERGARA  |  FRIDAY, 5 MAR 2021
... carries obvious potential for the defendants to be punished multiple times for the same underlying misconduct," court documents read. In June 2018, ASIC accepted an enforceable undertaking from Dover and McMaster to leave the financial services industry. ...

Chief economist update: More manna from UK Treasury

BENJAMIN ONG  |  FRIDAY, 5 MAR 2021
... billion (10.3% of GDP) forecast for 2022. But he has a plan. Sunak plans "future changes to strengthen public finances" - read, tax rises - the biggest since 1993 - that includes freezing of personal tax allowances and lifting the corporate tax rate ...

ASIC takes Statewide Super to court

JAMIE WILLIAMSON  |  THURSDAY, 4 MAR 2021
... processes by which insurance statuses were updated and premia deducted within Acurity prior to its implementation," the documents read. "The insurance coverage status of certain members within Acurity could, and did, differ from their status under the ...