Australia’s central bank has said our superannuation fees are too high, ranking us third in the developed world behind only Spain and Mexico. The Reserve Bank of Australia has made a submission to the Federal Government’s financial system inquiry, arguing we need to cut the cost to consumers of our $1.8 trillion superannuation system, The Australian Financial Review reports today. Many Australian […]

With health insurance premiums about to be hit by the biggest increase in a decade, the federal government has confirmed it plans to sell health insurer Medibank Private, the country’s largest fund, in the next financial year. 1. The government says there is “no reason” why the sale of Mediabnk would push prices up, according to a “scoping study” it […]

When Asmar, 72, got to the end of her discounted two-year electricity contract, her provider automatically moved her off a 12% discount onto a plan with a 7% discount and informed her she was now subject to a new two-year contract. Sadly, it’s a common practice. Electricity retailers often revert customers to an inferior discount once their contract expires, and […]

More than 3000 members of the FiftyUp Club have already answered our 2-minute Health Insurance Survey in less than 24 hours, to help us unearth some sorely-needed Facts about premium increases for the over-50s. It’s a fantastic response and it means we will soon have enough data to scrutinise the real cost of premium increases for FiftyUps. The concept is […]

Even $1 million in savings may not be enough for a ‘comfortable’ retirement, according to an analysis by financial journalist John Collett in Fairfax Media publications this week. A million bucks will be barely enough for most people, Collett writes, based on estimates by the Association of Superannuation Funds of Australia (ASFA) which reveal the annual budget needed by Australians […]