Australian Unity offloads banking business | Financial Standard
Nov 6, 2024 · Australian Unity has announced the sale of its banking business to Bank Australia, with the transfer set to be complete in late 2025. Under the agreement, Bank Australia will acquire Australian Unity banking customers and their existing loans, credit cards and deposit accounts, which at 30 June 2024 sat at approximately 25,000 customers, $1.4 billion in loans and credit, and $1.6 billion in ...
ASIC seeks $27m penalty against AustralianSuper
Oct 10, 2024 · ASIC is seeking a major $27 million penalty against AustralianSuper in the Federal Court. ASIC alleges that, for almost 10 years, AustralianSuper failed to have adequate policies and procedures to identify members who held multiple AustralianSuper accounts and to merge those accounts, where doing so was in the member's best interests.
Chalmers defends budget deficits in MYEFO | Financial Standard
Dec 18, 2024 · "This is a responsible set of books which reflects the very substantial progress that we have made in cleaning up the budget," Chalmers said. "We have delivered two surpluses in the first two years, a smaller deficit this year, and then even with some slippage in subsequent years, [we have delivered] a $200 billion improvement in the budget position since we were elected, which means less debt ...
Financial Standard
Financial Standard provides trade news and education for superannuation trustees, financial planners, industry professionals and investment managers.
Chalmers unveils new superannuation reforms | Financial Standard
Nov 20, 2024 · Treasurer Jim Chalmers announced new reforms the government will be rolling out for Australia's superannuation system. Speaking at the annual Association of Superannuation Funds of Australia (ASFA) conference, Chalmers gave an address laying out the reforms, which focus on improving retirement outcomes for Australians.
Superannuation tax shakeup proposed by Actuaries Institute
Dec 9, 2024 · The current rules regarding earnings on superannuation assets, which are taxed at 15% in the accumulation phase and tax-free in the retirement phase, create complexity and cost due to the necessity for separate accounts and convoluted processes for transferring money between them, and contribute to inequity by providing …
CommSec names new chief economist | Financial Standard
Oct 28, 2024 · "After an incredible career at CommSec spanning over 22 years, we are both proud and emotional to announce the retirement of Craig James, our chief economist," CommSec said."Craig has been an invaluable part of CommSec, known for his sharp economic insights, deep knowledge of the financial markets, and a dedication to educating Australians on the importance of understanding the economy."Craig ...
What you read in 2024 | Financial Standard
Dec 20, 2024 · Mergers, corporate fund closures and executive moves were the major motifs for Financial Standard readers this year. Unsurprisingly, further consolidation in the superannuation sector was a major driver of audience interest this year with a number of corporate funds merging or shutting down. Further ...
Australia home to 43 billionaires: UBS | Financial Standard
Dec 16, 2024 · The 10 th edition of the Billionaire Ambitions Report found the upward trend in the number of billionaires in Australia follows the trajectory of the APAC region.. China hosts the highest number of billionaires at 427, a reduction of 93 from the year prior.
February rate cut unlikely after inflation data | Financial Standard
Jan 8, 2025 · The monthly Consumer Price Index (CPI) indicator rose 2.3% in the 12 months to November 2024, up from a 2.1% rise in the 12 months to October, according to the Australian Bureau of Statistics (ABS). The biggest jumps in prices were in food and non-alcoholic beverages (up 2.9%), alcohol and tobacco ...