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 […]

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 […]

The Federal Government is poised to introduce sweeping changes to the rules that protect investors from unscrupulous financial planners. But these proposed amendments to the Future of Financial Advice (FoFA) reforms have drawn criticism from consumer groups, industry superannuation funds and the federal opposition, who argue the interests of mum and dad investors are being sacrificed to protect big banks […]

Beef up consumer protection in the finance industry. Ban banks from wealth management activities. Make product disclosure statements less confusing. These are some of the messages from top economists to David Murray, the former bank boss who is now in charge of the Abbott Government inquiry into Australia’s financial system. Fairfax Media’s BusinessDay asked a panel of experts to nominate […]

Should the full value of your family home be included in the age-pension asset test? That’s one of the options being considered by a Senate committee investigating cost-savings in the federal budget. The Business Council of Australia’s president, Tony Shepherd (pictured), who also chairs the committee established by the Abbott Government, submitted the proposal to scrap the long-standing exemption to […]