News

The Australian Taxation Office has extended its data collection to more rigorously check taxpayers’ numbers in their FY23 tax returns and cut down on tax cheats. Property investors and those making work-related claims are high on the target list.

The sharp spike in complaints, including nearly 54,000 against banking and finance businesses, shows the effects of financial stress from aggressive interest rate hikes and the explosion of scams, the financial ombudsman’s chief said.

Super funds are failing in their primary duty of understanding customers’ retirement income needs and aren’t doing enough to address known data gaps, the regulators said, criticising their slow progress under the retirement income covenant.

Absolute-return bond strategies should perform even in down markets, but a Morningstar report shows most failed to meet their own performance targets in a rocky 2022. However, as an alternative to traditional fixed income, these strategies still provide the defensive correlation, the research firm argues.

Fronting a House economics committee inquiry into competition in the banking industry, the heads of CBA, ANZ, Westpac and NAB insisted they weren’t unfairly setting interest rates and that competition and customer engagement in the sector have never been stronger.

Corporate profit growth is expected to moderate, especially in sectors focussed on consumer sales, and mining companies have seen large downgrades. Meanwhile, markets are still not fully pricing in the high risk of recession, some analysts say.

Speculation over Lowe’s future as the RBA chief had been swirling for months amidst fallout over interest rate decisions. Bullock, the current deputy governor, will become the first female leader of the central bank.

The global transition away from fossil fuels will require a massive reallocation of capital, and with the technology driving it now more cost-effective than ever, companies and investors that seize climate-related opportunities will be best placed to reap the benefits, according to recent MSCI research.

After a three-month run as the most-traded ASX stock on Selfwealth’s platform, Neuron Pharmaceuticals ceded its spot to CBA in June as healthcare, mining and banking stocks jostled for investors’ attention.

The new fund will aim to cater to Australian investors’ appetite for conservative private credit strategies, while providing low correlation to equity markets and traditional fixed income.

Bill Evans, who will step down next year after three decades as Westpac’s chief economist, says “deeply pessimistic” consumer sentiment despite the RBA’s recent pause is a sign of further hikes ahead.

It’s the second time ASIC fined Openmarkets over its handling of market-manipulating wash trades by the same client, but the retail broker’s agreement to an enforceable undertaking led to a reduced penalty.