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Australia's competitiveness climbs world rankings

ELIZA BAVIN  |  TUESDAY, 18 JUN 2024
Stronger business and government investment, population growth and budget positions have seen Australia record its best international competitiveness ranking since 2011. The nation rose from 19th to 13th in the IMD World Competitiveness Yearbook 2024 ...

JPMAM, iCapital launch new private market fund for wholesale investors

ANDREW MCKEAN  |  TUESDAY, 18 JUN 2024
J.P. Morgan Asset Management (JPMAM) and iCapital have launched a new Australian domiciled fund designed to afford wholesale investors access to small to mid-market private equity opportunities. The fund, managed by iCapital, and will invest in an underlying ...

AFSLs undertake more reviews, lack risk documentation

KARREN VERGARA  |  TUESDAY, 18 JUN 2024
... risk appetite statement isn't required for many smaller licensees, Derham said the lack of documented risk registers show many risk management frameworks are still inadequate. This is despite respondents saying risk management is one of the top three ...

Most advisers satisfied with success: Research

KARREN VERGARA  |  TUESDAY, 18 JUN 2024
... can temporarily reduce profits until new team members contribute effectively." Practices with up to $500,000 in turnover show a level of profitability and satisfaction higher than benchmarks for EBIT and satisfaction, the research found, noting that ...

Average super balances fall

ELIZA BAVIN  |  TUESDAY, 18 JUN 2024
Taxation statistics for the 2021-22 financial year revealed the average superannuation balance fell from $170,000 in 2020-21 to $164,000. The Australian Taxation Office (ATO) released its annual taxation statistics report, showing the total tax revenue ...

Older clients boost book values

KARREN VERGARA  |  THURSDAY, 13 JUN 2024
A client book full of older clients are fetching a higher premium compared to last year, new advice practice valuations show. The Radar Results June 2024 price guide reveals that books of investment and super clients aged 80+ years old have seen their ...

US looks towards rate cuts, Australia lags behind

ELIZA BAVIN  |  THURSDAY, 13 JUN 2024
... the last developed market central bank to cut rates. "Additionally, high wages growth in both public and private sectors show no significant sign of easing, as unemployment hovers near record lows. The stage 3 tax cuts that are rolling out in a couple ...

Advice reforms draft laws consultation opens

KARREN VERGARA  |  WEDNESDAY, 12 JUN 2024
Draft regulation of the first tranche of the Delivering Better Financial Outcomes reform package is now up for consultation. Treasury Laws Amendment (Delivering Better Financial Outcomes) Regulations 2024 has five sections that aim to make access to ...

Super tax concessions cost $54.5bn in lost revenue: Research

ELIZA BAVIN  |  TUESDAY, 11 JUN 2024
... distribution of these benefits is incredibly unequal," Australia Institute research fellow Minh Ngoc Le said. "Treasury estimates show that, dollar for dollar, high income earners actually receive more government support than those on middle and low ...

Advisers shoulder massive wealth transfer

KARREN VERGARA  |  FRIDAY, 7 JUN 2024
... now" particularly in this current economic environment. "We've all got sophisticated financial modelling software, which show clients have enough now and for the rest of their lives. Working more on what you can give while you're alive is becoming ...