News

Consumer access to sound advice comes first, according to Michelle Levy, the Allens partner who recently led a review into the sector. She urged the government to dispense with any further consultations and get on with implementing the review’s far-reaching reforms.

Australia’s states and territories are all still enjoying strong economic performance despite tumultuous conditions, but strong labour and housing data has propelled Tasmania to reclaim the top spot from Queensland in CommSec’s “State of the States” report for Q4 2022.

The regulator found 45 per cent of Choice super options underperformed the heatmap benchmarks in 2022, while one in five underperformed significantly. It also put trustees on notice that it’s stepping up scrutiny of poorly performing Choice products.

The average annual interest rate on banks’ one- and three- year term deposits has risen to 3.2 per cent from 0.25 per cent over the past year. With markets expecting the official cash rate to peak soon, savers looking to lock in attractive rates will find the best deals with smaller, newer banks, analysts say.

With the prospect of a recession in Australia still looming large, SMSF investors might take comfort in new research showing that while their sector underperformed APRA-regulated funds in a booming 2021, SMSFs weathered the last contractionary environment, in 2020, better than larger funds did.

Nearly 32,000 customers of Australia’s four major banks fell victim to scams in the 2022 financial year, bearing 96 per cent of the losses as reimbursement and compensation rates remain extremely low. ASIC is now pushing financial institutions to improve their approaches to scams and better support their customers.

In the first external review of the central bank in four decades, an expert panel has recommended a major shake-up, including the establishment of a new board responsible for monetary policy. RBA Governor Philip Lowe welcomed the changes while defending the current board’s decision-making capabilities.

While small and medium enterprises remained resilient in March, concerns about rising input costs and the growing chances of recession have businesses toning down their hiring plans.

The Paris-aligned benchmarks that an increasing number of global investors now subscribe to disincentivise activities that might actually help the energy transition, according to index provider Scientific Beta.

AMP recently promoted senior economist Diana Mousina to a new role, deputy chief economist, in recognition of her achievements and succession path. Like other economists, Mousina sees a recession on the cards for Australia, although the timeline may be longer than many hope.

While the housing market shows faint signs of recovery following the RBA’s decision to pause interest rate hikes, those benefits have not yet begun to flow through to Australia’s rental market, new research shows, with all signs pointing to a long-term rental crisis.

The market for exchange-traded products posted 5 per cent year-over-year growth in March, while listed investment companies continued to see assets under management fall, new ASX data shows. As rising interest rates and cost-of-living bite, though, the trend has begun to slow, with investors seeking safety in defensive ETFs.