AISC leadership, 2019.
It was one of only two recommendations the government rejected.
If anything, the standards are becoming easier, rather than harder, to apply.
It is normally a bad idea to let super funds borrow, but these aren’t normal times. There’s a (limited) case for allowing them to borrow from the Reserve Bank.
Banks and other financial institutions will be left with plenty of ways to treat customers badly under new, overdue, rules.
If consumers don’t like the way their mortgage brokers operates, they can shop around.
The ASIC inquiry into how mortgage brokers are paid won’t do much to change an already competitive system.
Financial System Inquiry chair and former Commonwealth Bank chief David Murray is party of a group of people calling for a legislated ‘objective’ of super.
Legislating an ‘objective’ for super could have many unintended consequences.
South Australian Premier Jay Weatherill is proposing to levy the GST on banking transactions.
Calls for GST on banking make sense, but working out the ultimate benefit is no easy task.
Almost a year after it was finished, the government has responded to the Financial System Inquiry, agreeing with the majority of its recommendations.
It’s a good thing that Australia’s large and growing super sector will attract greater policy focus in coming years.
Pending business for a new treasurer is a government response to the Financial System Inquiry led by David Murray.
A bulging in-tray of reviews awaiting response awaits Malcolm Turnbull’s choice of treasurer in his new cabinet.
Chipping away at your super account can have compounding results.
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First home buyers may be doing it tough, but lessons from the US tell us raiding super is not the solution.
Assistant Treasurer Josh Frydenberg has released a discussion paper on making ASIC user-pays.
Both ASIC and the finance department want a user-pays model, but costs - borne by business - will rise.
When banks fail, it’s customers that usually end up out of pocket.
A flat rate bank deposit tax could be distorting, and not for the reasons the banks suggest.
Retirees don’t always succeed in ensuring their retirement income lasts the distance.
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Annuities in their current form are largely unpopular, but with a bit of tweaking they could provide the retirement income fix Australia needs.
Voluntary administration has been the widely-used step in efforts to prevent a company being dissolved.
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Voluntary administration was considered a state-of-the-art rescue procedure for struggling companies in 1993. But is is time for another wide-ranging review of our insolvency laws?
Enabling consumers to keep their bank account numbers when switching institutions will encourage greater competition.
AAP Image/Dan Peled
It’s a pain to change mobile providers, but at least keeping your number is easy. It’s much more of a pain to change banks and much of that pain is because we have to change bank account numbers. Why don’t…
NAB chief Andrew Thorburn has been forced to defend the bank’s reputation after the actions of rogue financial planners were revealed.
There are simple solutions to prevent more financial scandals in Australia - the question is, will the government take them up?
Who’s watching Australia’s financial regulators?
The clear case of regulatory capture in Australia’s financial system is grounds for a new oversight body.
Financial planners may be considered professionals, but there’s no national exam to put them through their paces.
While financial planning is on the pathway to professionalism, its education standards continue to be the subject of much discussion – and for good reason. The current standards set by ASIC mandate a comparatively…
The Financial System Inquiry says the purpose of superannuation is to provide a retirement income that can substitute or supplement the age pension.
David Murray’s Financial System Inquiry may call for the removal of superannuation tax breaks but the government’s tax discussion paper, due to be released next week, is unlikely to advocate similar changes…
Big nest egg or small: shouldn’t super fund trustees meet the same professional standards as individual financial planners?
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Finally, Financial System Inquiry chairman, David Murray, has brought some consistency into two hot debates running in finance. Parliament, financial media commentators and a whole range of vested interests…