Shows
Financial Services News WrapSat, 10th May 2025This podcast, presented by Paige Estritori for Financial Services Online, dives into critical issues in Australia's financial industry. The main points include rising concerns in the financial advice sector over the unclear direction of the Labour government on the CSLR and retirement of Stephen Jones. With CSLR levies increasing sharply, a better funding model is required. A startling surge in APRA levy costs on superannuation funds is another point of concern. Turning to real estate, commercial real estate debt investments are emerging as attractive income opportunities with annual returns and diversification potential. Lastly, the Insurance Brokers Code Compliance Committee is...2025-05-1000 min
Insurance News WrapMon, 28th Apr 2025This podcast, hosted by Paige Estritori from Financial Services Online, offers an overview of significant news from the week in Australian insurance. Firstly, it examines the potential risks of AI inaccuracies for insurers, discussing how these might contribute to major claim incidents and calling for the industry to develop AI-specific policies, using the asbestos insurance model as a guide. Then, the podcast features two crucial rulings by the Australian Financial Complaints Authority (AFCA). It highlights AFCA's decision to side with RAA Insurance in a dispute about the location of a vehicle and another landmark ruling where AFCA sided with homeowners...2025-04-2800 min
Superannuation News WrapSat, 26th Apr 2025In this episode of the Weekly Superannuation News Wrap, Paige Estritori discusses updates from Australia's top superannuation groups and the broader financial landscape. Major topics include the proposed Payday Super Advisory Council intended to replicate the success of the SuperStream initiative, the controversy surrounding first-time home buyers using superannuation funds for property deposits, and challenges related to the Payday Superannuation scheme and unpaid superannuation due to business insolvencies. Estritori also explores rising retirement anxiety in Australia due to inflation and the steps being taken to address it. The show underscores the importance of staying informed about one's financial numbers to...2025-04-2600 min
Finance News WrapSat, 26th Apr 2025This week on the Financial Services Online podcast, Paige Estritori discusses Saudi Arabian firm Sidra Capital's US$15 million investment in Australia's mining and energy sectors. The Sharia-compliant investment promises low volatility returns and an estimated annual return of almost 10%. She further highlights the possible financial impact of US tariff policies from the Trump era on Australia, with potential earnings dips predicted. Local companies like GQG, Perpetual, and Magellan are facing market share losses and expected outflows, while firms such as Challenger and Platinum see steady evaluations from Morningstar. In a challenging climate, Perpetual and Insignia are expected to make gains...2025-04-2600 min
Financial Services News WrapThu, 27th Mar 2025On this episode of Financial Services News Wrap, host Paige Estritori discusses judgements in the Environmental, Social, and Governance sector, with a particular focus on Active Super's $10.5 million fine for misleading claims. The Australian Consumer Price Index's shortfalls and its impact on the economy are also highlighted. Estritori details consumer advocacy groups' concerns about Australian insurers' pricing practices, described as 'poverty premiums' and 'loyalty taxes'. The podcast wraps with updates on this year's federal budget, discussing the introduction of tax cuts and investments in healthcare, but also pointing out the fiscal risks involved. For more insights on finance, insurance, superannuation...2025-03-2600 min
Insurance News WrapWed, 26th Mar 2025In this episode of "Weekly Insurance News Wrap", Paige Estritori dissects the biggest insurance industry trends. Estritori reports a substantial rise in motor insurance premiums, a 42% increase since 2019, inciting an urgent call for governmental intervention from the Insurance Council of Australia. Proposed remedies include addressing labour shortages, enhancing supply chain resilience, regulating accident companies, and revising vehicle write-off rules. The escalation in car theft claims costs, which almost doubled since 2015, is also under scrutiny. Estritori covers a case highlighting the necessity for insurance, in which an uninsured motorist was denied compensation for a collision. Overall, unexpected shifts in the Australian...2025-03-2500 min
Finance News WrapTue, 18th Mar 2025In this episode of the Weekly Finance News Wrap, Paige Estritori discusses the Sydney housing market rebounding with a notable 0.5% growth in the last month and an impressive auction clearance rate. She also covers the significant downturn in the US stock market due to anxiety over potential tariff increases, resulting in a 10% drop in the S&P 500. Estritori mentions the Reserve Bank of Australia's rate cut to 4.1%, leading to increased consumer confidence despite mixed business conditions. In the Australian entertainment sphere, Star Entertainment Group pursues a substantial refinancing plan through an exclusivity deal with Salter Brothers Capital. Tune in for...2025-03-1700 min
Insurance News WrapTue, 11th Mar 2025On this week's edition of the Weekly Insurance News Wrap, host Paige Estritori covers noteworthy events in the Australian insurance industry. The discussion highlights a recent ruling by the Australian Financial Complaints Authority (AFCA) against the insurer Hollard in a mould contamination dispute. Despite Jack Hollard's efforts, mould issues continued, and Hollard's remediation methods were criticised. AFCA demanded a revised compensation inclusive of home damages and expert fees. Also, there's a synopsis of the ongoing debate about breaking up insurers to reduce premiums. Key industry figures argue that the focus should be on enhanced disaster readiness and modifications in tax...2025-03-1000 min
Superannuation News WrapSun, 2nd Mar 2025In this episode, Paige Estritori of Financial Services Online unpacks the latest news impacting Australia's superannuation industry. She discusses AustralianSupers $27 million fine for account breaches affecting over 90,000 members and the impacts of soaring living costs forcing one in six Australians to postpone retirement. A 'Rethinking Retirement' report shows declining retiree confidence; however, retirees who seek financial advice report higher confidence. Also, younger Australians are increasingly seeking advisors for financial planning. The Super Member Council urges bipartisan support for payday super reforms, which could alleviate a $5 billion annual shortfall in unpaid super. Despite the economic challenges, Estritori emphasizes the importance of...2025-03-0200 min
Superannuation News WrapSat, 1st Mar 2025On this episode of Financial Services Online's Weekly Superannuation News Wrap, Paige Estritori discusses the changing landscape of retirement in Australia due to the high cost of living. She highlights a concerning trend of Australians delaying retirement, with inadequate savings and rising living expenses largely to blame. Key findings from the "Rethinking Retirement" report show a decline in confidence for retirees, while recommending early and regular financial advice to navigate economic challenges. The Super Members Council's proposed payday super reforms, aimed at mitigating a five-billion-dollar annual shortfall in super contributions, are also discussed. However, worries about increased costs for small...2025-02-2800 min
Finance News WrapThu, 27th Feb 2025In this episode of the Weekly Finance News Wrap, Paige Estritori discusses a significant tax reform proposal by the Coalition. The proposal, aimed at small businesses with a turnover of up to $10 million, seeks to simplify tax deductions related to business meals. If approved, businesses would be able to deduct up to $20,000 without a fringe benefits tax. This could lead to a reduction in compliance challenges and an increase in workplace morale. As businesses anticipate these potential tax changes, Estritori stresses the importance of keeping thorough records. Tune in to learn how these changes in the Australian finance sector could...2025-02-2600 min
Insurance News WrapWed, 26th Feb 2025In this edition of Financial Services Online's Weekly Insurance News Wrap, Paige Estritori discusses the Insurance Council of Australia's proposal for a $30.15 billion flood defence fund to be spread over a decade, aiming to mitigate Australia's flood risks. Key strategies include strengthening flood infrastructure, reinforcing properties, and acquiring vulnerable homes. ICA CEO Andrew Hall emphasizes the urgent need for solutions to high insurance premiums via government-insurer collaboration. Discussion also includes a recent precedent-setting court ruling favoring a policyholder with a previously rejected Total and Permanent Disability claim. The case has potential to impact future interpretations of insurance exclusion clauses. Estritori...2025-02-2500 min
Insurance News WrapSun, 23rd Feb 2025In this week's episode, Paige Estritori discusses key events in the Australian insurance industry, including a precedent-setting court ruling challenging insurance exclusion clauses and highlighting the need for clearer policies. She also reports on the crisis of soaring home insurance premiums affecting 1.6 million households due to the escalating impacts of climate change on claims. Another noteworthy news is the Australian Financial Complaints Authority's support for a policyholder in a fraud dispute with IAG, emphasizing the importance of solid evidence and equitable compensation. Lastly, Estritori delves into the debate over risk commission caps, with Political figures and industry leaders arguing for...2025-02-2200 min
Finance News WrapSun, 16th Feb 2025In this episode of Financial Services Online's Weekly Finance News Wrap, host Paige Estritori shares the latest updates on the Australian housing industry. Focusing on the anticipation around potential interest rate cuts by the Reserve Bank of Australia, she explains how a lower rate could benefit sellers by driving an increase in prospective buyers. A possible 25 basis point cut could be seen soon, potentially leading to a national average house value rise of 6.1%. Areas in Sydney and Melbourne may see substantial gains, with forecasts predicting up to 19.1% rise in value. Regional markets in Adelaide and Perth may expect smaller benefits...2025-02-1500 min
Superannuation News WrapThu, 6th Feb 2025In this episode of Financial Services Online's Weekly Superannuation News Wrap, Paige Estritori discusses alarming data from APRA showing Australian retirees leaving $302 billion in taxable accounts, with the Super Members Council addressing how poor fund management may be costing seniors annually. The Albanese government's new plans to tighten standards in the superannuation industry are also explored, looking at assumed election promises to resolve delays in insurance claims and death benefits. Recent high-profile cases like Cbus and AustralianSuper are mentioned, alongside reactions from Xavier OHalloran and ASFA. Lastly, Paige Estritori touches on ASIC's push for accountability to combat risky superannuation practices...2025-02-0500 min
Finance News WrapSat, 25th Jan 2025In this week's finance update, Paige Estritori discusses the current economic climate in Australia and its impact on personal and business finances. With shrinking household expenditure and decreasing commodity revenues, Australians are bracing for turbulent times. Estritori also covers global shifts including "Trumpflation" due to inflationary changes following President Trump's pro-growth policies. The repercussions of these combined circumstances are being felt in Australia with the depreciation of the Australian dollar, rising equity risk premiums, and popular return to safe-haven bonds. The local market's growth faces challenges from the Reserve Bank's recent strategies, causing contraction in some industries. These developments stress...2025-01-2400 min
Superannuation News WrapThu, 16th Jan 2025In this week's podcast, host Paige Estritori discusses the interest private equity firms are showing towards Australia's super funds, an inversion of the traditional investment path, citing KKR's $1.7B investment in Colonial First State as a cardinal example. There's pressure on fee structures and operational efficiencies as private firms reshape the scene. The superannuation sector proudly celebrates a significant recovery with TelstraSuper and Colonial First State both reporting double-digit returns last fiscal year. There's also an urgent call by the Association of Superannuation Funds of Australia for citizens to focus on their retirement plans, driven by prosperous times and the...2025-01-1500 min
Finance News WrapTue, 14th Jan 2025On this week's episode of the Weekly Finance News Wrap, Paige Estritori covers significant changes in the Australian economy, including the Australian dollar hitting a near five-year low, and the impacts this could have on the economy, consumers, and businesses. The ongoing fluctuations against the US dollar and the Japanese yen hint towards potential inflationary risks, while also possibly attracting foreign investment. Estritori also discusses the impact of such shifts on import costs, exports, and economic ties with China. Meanwhile, Bendigo and Adelaide Bank's controversial new withdrawal fees, effective from November 1st, represent a shifting banking trend towards digital transformation...2025-01-1300 min
Finance News WrapSun, 12th Jan 2025On this episode of Financial Services Online's Weekly Finance News Wrap, Paige Estritori discusses two key topics dominating Australian finance. Firstly, Bendigo and Adelaide Bank's introduction of a $2.50 fee for cash withdrawals at branches amidst rising trends towards digitisation, despite lingering customer preference for in-person services. Critics caution about potential reputational damage amid intensified scrutiny of banking practices following the royal commission. Secondly, Estritori examines the escalating housing affordability crisis marked by rising home prices defying the Reserve Bank's 4.25% interest rate boost. As affordability gets squeezed, lower-priced properties see increased traction. Varied predictions hint at either a moderation in price...2025-01-1100 min
Finance News WrapSat, 28th Dec 2024In this week's finance news wrap, Paige Estritori discusses Australian's Boxing Day spending and upcoming economic predictions. According to the Australian Retailers Association, Aussies spent $1.3 billion during the Boxing Day sales, marking a 1.8% increase from the previous year. However, the retail sector faces challenges from low-cost international retailers, prompting local stores to release competitive deals. Experts predict a potential cut in interest rates in 2025, making borrowing cheaper and encouraging consumers to spend more. The Reserve Bank has not changed rates this month, but traders anticipate a drop to 4.10% in February. Elsewhere, the accommodation sector notes an increase in bookings, reflecting...2024-12-2700 min
Superannuation News WrapFri, 27th Dec 2024In this week's episode of "Weekly Superannuation News Wrap", Paige Estritori discusses Australian Treasurer Jim Chalmers' proposed tax reforms on high-value superannuation accounts which could potentially cost $55 billion in the current financial year. Amid declining revenues and soaring needs in sectors like aged care and Medicare, these reforms are viewed as a necessary measure to balance finances. Critics, however, voice concerns regarding the impact on individuals nearing retirement. These changes are being closely monitored by stakeholders, given their potential to reshape Australia's financial landscape. Financial Services Online promises to keep listeners abreast of these important developments. The podcast rounds up...2024-12-2600 min
Superannuation News WrapWed, 25th Dec 2024This podcast features Paige Estritori discussing the Australian government's financial review focusing on tax concessions of high-value superannuation accounts. The potential savings are estimated at $55 billion for the fiscal year, given an increased demand in spending for services like Medicare and aged care due to declining mineral revenues. Critics argue the changes could negatively impact individuals nearing retirement. This initiative is part of a larger push for fiscal responsibility, with 48 tax concessions under review. The podcast also reports on a study revealing reluctance among superannuation members to seek professional advice, creating a gap in their retirement strategies. Despite this, Estritori...2024-12-2400 min
Financial Services News WrapThu, 19th Dec 2024In this episode, Paige Estritori discusses the present state of Australia's economy, noting that despite optimistic early-year signs, consumer confidence is fluctuating due to global uncertainties and rising inflation. Following a 2% decrease in the Westpac-Melbourne Institute index, there is anxiety about future market conditions. Ms. Estritori also discusses a recent MFS Global Retirement Survey highlighting a worrying gap in financial advice sought by superannuation members, as nearly 70% are not seeking professional advice. The Australian housing market experiences a shift, particularly a surge in mortgage rates, despite the Reserve Bank's steady cash rate of 4.35%. Lastly, MLC Life Insurance and Resolution Life...2024-12-1800 min
Financial Services News WrapMon, 16th Dec 2024In this podcast, Paige Estritori from Financial Services Online discusses key financial updates from Australia. The Australian Securities and Investments Commission reported that term life insurance was a major cause of customer complaints in the last financial year, accounting for 41% of grievances. However, half of these were resolved on the same day and 75% within eight days. A YouGov survey indicates a rising interest among 18 to 43-year-olds in superannuation funds due to rising living costs. An interesting shift at the Australian Securities Exchange saw a decrease in listed companies and a halving of IPO funds. Plus, a story from car insurance...2024-12-1500 min
Insurance News WrapFri, 13th Dec 2024In this episode of Financial Services Online's Weekly Insurance News Wrap, Paige Estritori discusses key developments in the insurance sector. The topics include customer complaints in the life insurance sector, with term life insurance accounting for 41% of the total complaints; a landmark car insurance case where a misunderstood Ignition Key won a couple a payout from RACQ Insurance; a surge in mental health claims that has surpassed physical injuries. The industry giant, TAL, is responding with increased payouts and offering health services. Lastly, the conversation touched on growing concerns about "product phoenixing" in the health insurance industry. Paige encourages listeners...2024-12-1200 min
Finance News WrapMon, 9th Dec 2024In this week's Weekly Finance News Wrap from Financial Services Online, host Paige Estritori discusses developments in Australian finance. High housing costs in Australia have led lenders to propose unconventional solutions like 40-year mortgages, despite the long-term high interest drawback. Global shifts have resulted in the Australian dollar dropping to a six-month low, due to a stronger US dollar, and mixed signals from Chinese employment reports. Rebranding efforts are underway for AMP, moving towards an adviser-centric model under CEO Matt Lawler. In New Zealand, significant cash rate reductions are anticipated by the Reserve Bank to maintain inflation and manage economic...2024-12-0800 min
Insurance News WrapMon, 9th Dec 2024In this episode, Paige Estritori of Financial Services Online discusses significant updates in the insurance industry. Highlighting a worrying rise in Total and Permanent Disability claims, driven by mental health issues, among 30-40 year olds, Paiga calls for better preventive measures and increased support for mental well-being. A case of alleged insurance fraud in Western Australia is examined, underscoring the importance of claim verification. Paige also breaks down a heated dispute regarding heat damage coverage, emphasizing the need for businesses to carefully consider storage conditions. Finally, she touches upon the declining trend of life insurance policy holders in Australia, advocating...2024-12-0800 min
Financial Services News WrapSun, 8th Dec 2024In this episode of the Daily Financial Services News Wrap, Paige Estritori discusses key Australian financial news. She starts by addressing the urgent need for uniform performance assessment standards within Australia's managed accounts industry to ensure transparency and client trust. The issue of housing affordability is also examined, with lenders like Pepper Money proposing a 40-year mortgage – an option which may lead to inflating housing costs further. A debate concerning personal wealth versus government welfare is unfolding, following a case of an elderly couple who risk losing part of their age pension due to asset accumulation. Finally, Estritori discusses the ri...2024-12-0700 min
Superannuation News WrapFri, 6th Dec 2024In this episode of the Superannuation News Wrap, Paige Estritori discusses key updates in the Australian superannuation industry. The podcast highlights the need for more accountability for underperforming choice products, with ASIC urging advisors to monitor underperformance carefully, promoting rigorous governance. Estritori also celebrates a milestone for the sector, as Australian superannuation assets hit $4 trillion, showing Australia's potential to influence global strategies for pension funds. Additionally, the podcast covers the recent superannuation reform related to the housing market. With the introduction of the Superannuation (Objective) Bill 2023, governmental focus remains on the sectors role in retirement income. The new law has...2024-12-0500 min
Financial Services News WrapTue, 19th Nov 2024In this episode of the Daily Financial Services News Wrap, Paige Estritori discusses major challenges in Australia's finance industry, including the need for operational efficiency and independence in the financial advice landscape. High administration and compliance costs, compounded by reliance on multiple tech platforms, are pressing service quality and sparking cybersecurity concerns. A shift in superannuation investment strategies towards diverse asset classes aligns with the 'Your Future, Your Super' performance benchmark, prioritizing socially responsible investing. Estritori also covers the National Australia Bank's legal issues over delayed responses to loan hardship applications, highlighting the broader accountability challenges in the banking sector...2024-11-1800 min
Superannuation News WrapSat, 16th Nov 2024This week's Financial Services Online's Superannuation News Wrap with Paige Estritori delved into significant issues impacting the superannuation industry. Discussion centred on the Australian Securities and Investments Commission's scrutiny of Cbus and United Super for mishandling over 10,000 death and disability claims leading to extensive delays and potential financial hardship for the affected members. Despite CEO Kristian Fok's assurances of improvements, the industry remains watchful of potential financial penalties. Additionally, Estritori highlighted the overlooked super gap affecting young workers, with over half a million losing out on $368 million in contributions due to current regulations. Calls for more inclusive policies are increasing...2024-11-1500 min
Finance News WrapFri, 8th Nov 2024In this episode of the Weekly Finance News Wrap, Paige Estritori discusses key Australian financial events. First, Australian Unity's decision to divest from its banking operations, handing over $1.6 billion in sector activities to Bank Australia. This move aims to strengthen the company's core services in the health, insurance, and wealth sectors. Next, she explores concerns raised by the Financial Services Council about the cost of wholesale funds, particularly impacting areas like venture capital. Paige then discusses the Reserve Bank of Australia's cautious stance on interest rate cuts despite inflation concerns. Finally, she highlights the ongoing housing affordability crisis in Australia...2024-11-0700 min
Finance News WrapTue, 5th Nov 2024On this episode of Financial Services Online's Weekly Finance News Wrap, Paige Estritori explores several key topics related to Australian finance. Beginning with the NSW government's action against unlawful merchant fee surcharges, Paige highlights the creation of a task force to address the issue. The podcast then examines the impact of AI on the finance sector, noting varying trust levels in AI-based financial decisions and the need for transparency. Additionally, the program delves into Australia's economic struggles amidst its longest-ever recession with discussions on falling GDP and per capita disposable income. Finally, the show alerts listeners to a major increase...2024-11-0400 min
Finance News WrapMon, 4th Nov 2024In this episode of the Weekly Finance News Wrap, Paige Estritori discusses the challenges faced by the Australian economy in its journey to recovery from a deep recession amplified by rising taxation, inflation and interest rates. In light of the upcoming 2025 elections, the Reserve Bank of Australia wrestles with the decision of easing interest rates amidst a high core inflation rate. An alarming rise of scams in Australia is also on the agenda, emphasizing the need to enhance customer service and grievance resolution strategies. In an engaging twist, Estritori unravels a study on AI's role in financial decisions, suggesting a...2024-11-0300 min
Finance News WrapSun, 3rd Nov 2024In this episode of the Weekly Finance News Wrap, host Paige Estritori discusses Australia's slow progress out of recession, noting a dip in per capita GDP, due partly to decreased household consumption and a drop in disposable income. A recent analysis by Westpac projects a gradual recovery. Estritori also highlights a remarkable increase in reported financial scams, urging the industry to improve grievance resolution resources. Looking ahead to the upcoming May 2025 elections, Estritori outlines efforts from the Reserve Bank of Australia to balance calls for an interest rate cut, despite high core inflation. Surprising data shows a resurgence in cash...2024-11-0200 min
Finance News WrapSat, 2nd Nov 2024In this episode of Weekly Finance News Wrap, host Paige Estritori discusses the slow recovery of the Australian economy from a record-long recession, with reduced disposable household income and reduced usage of savings due to rising taxes, inflation, and interest rates. However, there is some optimism due to recent tax cuts and favorable interest rate expectations. She highlights the increase in reported scams and rising financial distress complaints, which demand faster resolution from authorities. Ahead of the May 2025 election, there are calls for the Reserve Bank of Australia to cut interest rates, primarily due to the cost of living and...2024-11-0100 min
Financial Services News WrapTue, 29th Oct 2024On this October 29, 2024 Financial Services Online podcast, host Paige Estritori discussed a surprising resurgence in cash usage in Australia, despite a significant reduction in physical banking infrastructure. We also learned about the Australian Financial Complaints Authority's (AFCA) enhanced efforts in resolving financial complaints, with a significant increase compared to the previous year. The show also featured news on the Australian Prudential Regulation Authority's upcoming release of its findings on Super Funds spending practices, focusing on transparency and accountability. Finally, Paige covered the case of a customer who faced issues with Bankwest over faults in financial hardship arrangements, emphasizing the need...2024-10-2800 min
Financial Services News WrapSun, 27th Oct 2024On today's episode, Paige Estritori discusses the escalating underinsurance crisis in Australia due to rising insurance costs and other factors like surging building material costs and climate change. The episode also covers the legal action taken by ASIC against QBE Insurance Group due to allegations of pricing discrepancies impacting many policyholders. The controversial decision by ANZ Bank to close its only Blue Mountains branch, causing hardships for the community, is also discussed. Lastly, the potential liquidity issue in Australia's superannuation industry, as highlighted by IMF, is reviewed. Join Paige for an impactful conversation on key financial developments affecting insurance, banking...2024-10-2700 min
Insurance News WrapSun, 20th Oct 2024In this week's episode, Paige Estritori of Financial Services Online discusses key insurance industry news across Australia. The growing usage of artificial intelligence in the insurance sector heads the conversation, particularly its effectiveness in combating scams and fostering consumer trust. Highlighting estimates of $400 million in undetected fraud claims in Australia alone, the impact of AI-led defenses, headed by ex-cybercrime detective Andrew Gill, is explored. Shifting focus to Western Australia, Paige discusses the property crisis due to defective Iplexs Pro-fit Typlex 1050 pipes. These faulty plumbing systems have led to insurers refusing renewals and homebuyers shying away from affected properties. The situation...2024-10-2000 min
Finance News WrapSat, 12th Oct 2024In this episode of the Weekly Finance News Wrap, Paige Estritori covers significant financial updates. Estritori begins with Westpac Banking Corporation's decision to stop cardless ATM withdrawals for enhanced security, suggesting customers update their online info to adapt to this. The focus then shifts to Australian small businesses struggling with rising operational costs and repercussions from the economic downturn — with over 11,000 companies going into administration last year, calls for policy reforms are intensifying. The AMP reports that a troubling two-thirds of Australian workers face financial stress, especially those nearing retirement — increasing the call for professional financial advice. Finally, the overall Aust...2024-10-1200 min
Insurance News WrapSat, 5th Oct 2024In this week's Insurance News Wrap, Paige Estritori discusses pressure on insurance brokers for more revenue transparency, especially towards small businesses. She covers upcoming major structural changes at icare, the state-managed insurance provider, aimed to boost efficiency and minimize service costs. Paige also highlights a case in trauma insurance where a severe injury claim was refused due to lack of proof for permanent disability. Lastly, she details the transformative role of AI in the insurance claims sector, with advancements in data analysis, claim categorization, and fraud detection. Follow Financial Services Online for regular updates on Australia's insurance landscape.n2024-10-0500 min
Superannuation News WrapWed, 2nd Oct 2024In this week's episode of Financial Services Online, Paige Estritori discusses two significant updates in the Australian financial industry. She highlights the Australian Taxation Office's latest decision to recognize fees for financial advice as tax-deductible, underscoring the growing significance of professional guidance in financial matters. This move, however, does not include initial advice fees and efforts are still ongoing for full deductibility. This development, lauded by industry experts, will aid in making high-quality financial advice more affordable for Australians. Paige then talks about concerns raised by Super Consumers Australia (SCA) on inaccuracies in retirement calculators provided by super funds and...2024-10-0200 min
Finance News WrapFri, 27th Sep 2024This week's episode of the Weekly Finance News Wrap explores potential stamp duty reductions in Australia with host, Paige Estritori. Amid a booming property market, Treasurer Rita Saffioti is considering this change after a 33% increase in state revenue primarily from top-tier property transactions. Such reductions may help first-time buyers and middle-income families entering the property market, while also stimulating the already vibrant market. Departing the topic, the podcast discusses the balancing act between the need for substantial public services and easing property purchase costs. Lastly, Estritori and her team detail the meticulous scrutiny and debate likely to preclude any tax...2024-09-2700 min
Financial Services News WrapThu, 19th Sep 2024In this episode of the Financial Services News, Paige Estritori discusses key updates impacting the financial landscape in Australia. The federal government's ban on using genetic test outcomes in life insurance underwriting is highlighted as a major game changer. Under new legislation, insurers are prohibited from discrimination based on genetic tests, a move seen as a win for consumers and public health. The episode also focuses on the Australian Financial Complaints Authority's call for feedback on superannuation insurance dispute procedures. Furthermore, it sheds light on the growing financial burden on Australian households due to escalating home insurance premiums linked to...2024-09-1900 min
Finance News WrapSat, 14th Sep 2024In this week's Finance News Wrap, Paige Estritori discusses the rising mortgage crisis and the transition towards a cashless society in Australia. A study from Finder reveals distressing financial strain on over 1.4 million families due to increasing housing costs and mortgage stress. This has led to an average owner-occupier loan of over $634,000, a rise by 9.3% in a year. Economic hardships have forced approximately 13% of households to miss payments within the last six months. The cashless revolution, driven by technological advancements, is also altering traditionally cash-reliant professions. Cash transactions are dwindling as individuals and businesses opt for the convenience of electronic...2024-09-1400 min
Insurance News WrapSat, 14th Sep 2024In this week's podcast, Paige Estritori discusses developments in the Insurance industry, beginning with the impact of autonomous vehicles shifting from drivers to technology and increasing product liability insurance. She addresses the change expected to inflate overall claim costs, making accident assessments more complex. Paige also talks about Coalition's innovative cyber reinsurance services that provide insights into cyber risks for accurate pricing of non-proportional reinsurance contracts. She then discusses the denial of a homeowner's insurance claim by SGUAS due to terms overlooked in the fine print, emphasizing the need to stay updated with changes in insurance policies. Lastly, she cites...2024-09-1400 min
Superannuation News WrapThu, 12th Sep 2024In this episode of 'Weekly Superannuation News Wrap', Paige Estritori focuses on APRA's rigorous scrutiny following AustralianSuper's substantial loss from its Pluralsight investment and recalls similar incidents with tech company investments. Paige acknowledges AustralianSuper's historical good performance within the private equity sector. However, multiple currently challenging factors resulted in Pluralsight's underperformance. This has led to contemplation within AustralianSuper regarding improved governance and a more diversified investment strategy. Due to the gravity of the situation, APRA has plans to expand its review of investment, liquidity and stress-testing, aiming to strengthen investment governance to mitigate future financial pitfalls. The hope is these...2024-09-1200 min
Superannuation News WrapMon, 9th Sep 2024In this episode of the Weekly Superannuation News Wrap, Paige Estritori discusses recent developments in Australia's superannuation sector. Topical issues include the scrutiny faced by United Super and BUSS Queensland, both connected to the construction union CFMEU, amid allegations of corrupt practices. APRA, the financial regulator, has demanded expert reviews over governance concerns but faces backlash and legal challenges suggesting procedural unfairness. APRA has temporarily relaxed its demands, with a full hearing scheduled for October. Paige also highlights disputes involving AMP Limited over the recent superannuation performance test methodology. AMP contests these with allegations that several products were incorrectly classified...2024-09-0900 min
Financial Services News WrapMon, 2nd Sep 2024In this episode, Paige Estritori delivers a news wrap-up for Financial Services Online. She begins with the potential changes in the Australian Taxation Office which may ensure fair superannuation payments for subcontractors in various sectors. The Australian Prudential Regulation Authority is also increasing its regulatory scrutiny over superannuation fund expenditures to optimize member outcomes. The retail sector faces a bleak outlook due to the ongoing cost of living crisis in Australia, however, stabilization is expected by 2025-26. Lastly, Estritori talks about an insurance dispute involving a 2014 Maserati GranTurismo, reminding listeners of the need for full disclosure when insuring high-value vehicles...2024-09-0200 min
Insurance News WrapThu, 22nd Aug 2024In this episode, Paige Estritori covers the importance of understanding and investing in longevity insurance products, as highlighted at the annual CEO roundtable of the Australian Prudential Regulation Authority (APRA). Despite public misconceptions and legislative hindrances, APRA is committed to promoting longevity solutions. The program also discusses the urgent need for strategic planning in response to the increase in extreme weather-related insurance claims, as noted in the Insurance Council of Australia's recent report. The podcast also emphasises the need for the insurance industry to embrace technological advances, like AI, to modernise systems and increase efficiency. Finally, Estritori reminds listeners about...2024-08-2200 min
Superannuation News WrapMon, 12th Aug 2024In this week's update on Australia's superannuation industry, Paige Estritori highlights calls for revisions to superannuation death benefit laws aimed at enhancing protections for family violence survivors. Industry bodies are pushing to broaden the Forfeiture Rule, preventing violence perpetrators from accessing victims' benefits. The episode also discusses leadership changes within the sector: Sam Wall will join Iress as CEO, and Catherine Bolger has been named as REST's new employee-nominated director. Lastly, Estritori covers the scrutiny faced by the Australian Prudential Regulation Authority over payments from industry super funds to unions, calling for more transparency concerning union expenditures. This podcast provides...2024-08-1200 min
Finance News WrapMon, 12th Aug 2024In this episode of the Weekly Finance News Wrap, Paige Estritori discusses the expected downturn in Australian household consumption growth as savings accumulated during the pandemic are predicted to run out by year end. The tax cuts in July may provide a short-term boost, but high-interest rates and decreasing savings could hinder consumer confidence. Australian businesses, especially in the property development and healthcare sectors, have also been hit hard, with a 40% increase in corporate insolvencies due to inflation, high interest rates, and harsh debt collection methods. Westpac is closing its home loan subsidiary, RAMS Financial, but confirms it will uphold...2024-08-1200 min
Insurance News WrapSat, 10th Aug 2024In this week's episode of the Weekly Insurance News Wrap, host Paige Estritori discusses the controversial legal dispute over a $29,000 credit hire bill, involving NRMA and Thomas Rossi, which has been further complicated following a court verdict reconsideration. Exploring AI's industry impact, Estritori reviews the revolutionary benefits of AI in life insurance, as presented by Matthew Kiernan, CEO of Neuroscience Research Australia, at the Sydney Online Summit. Kiernan introduces Alzheimer's detection through blood samples as a cost-effective diagnostic method. QBE Insurance's successful AI integration in underwriting activities is highlighted, demonstrating tremendous efficiency improvements. Lastly, there are anticipations about potential flood...2024-08-1000 min
Financial Services News WrapSat, 10th Aug 2024In this episode of the Daily Financial Services News Wrap, Paige Estritori discusses latest events from the financial sector. The appointment of Sam Wall as Iress' CEO demonstrates the company's commitment to enhancing its superannuation business. NRMA's legal dispute over excessive credit hire charges linked to Wollongong accident is spotlighted as a case underlining ongoing debates about high credit hire costs. Westpac's decision to halt new loan applications for its subsidiary, RAMS Financial comes as a result of a strategic review to streamline operations, but amidst a storm of class-action lawsuits and regulatory scrutiny. Lastly, Estritori explores the intersection of...2024-08-1000 min
Superannuation News WrapWed, 7th Aug 2024In this episode, Paige Estritori examines recent superannuation events including issues surrounding the Australian Prudential Regulation Authority (APRA) and industry fund payments, some of which are directed towards trade unions. While permissible under the Superannuation Industry Supervision Act, ongoing audits and ethical questions persist. Mercer Super falls under scrutiny for falsely promoting the eco-friendly nature of its Sustainable Plus investment offerings. Exposed for greenwashing, the company faces a weighty 11.3 million dollar federal fine after investments in high-carbon fossil fuels, alcohol, and gambling were found under the 'sustainable' umbrella. Lastly, Estritori discusses the Financial Services Council's new Standard No 29. Launched to...2024-08-0700 min
Finance News WrapMon, 5th Aug 2024In this episode of Weekly Finance News Wrap, Paige Estritori explores the tumult in the Australian retail sector due to e-commerce participants like Amazon, with traditional retailers urged to adapt or perish. The podcast also reports on governmental measures to counter financial scams, which saw Australians losing over two billion dollars in the previous year. The establishment of the National Anti-Scam Centre has resulted in a 30% decrease in investment scam losses. Theres growing concern over rising rental costs, fueled by increased migration and low housing construction, impacting Australian renters. The podcast concludes with the Australian Securities and Investments Commission's tighter...2024-08-0500 min
Insurance News WrapFri, 2nd Aug 2024In this week's Australian insurance industry update, Paige Estritori discusses several significant occurrences. Two farmhouses had their compensation claims for earthquake damage dismissed due to pre-existing issues, as suggested by the Australian Financial Complaints Authority. Estritori also relays the prosperous status of the Suncorp Group, with CEO Steve Johnston praising the reinsurance market's stability, which impacted insurance premiums in Australia and New Zealand. Despite no proof of purchase or unclear service history, a recent car theft case had a positive outcome for the claimant, emphasizing the importance of comprehensive car insurance. The case shines light on the necessity for car...2024-08-0200 min
Insurance News WrapThu, 1st Aug 2024In this week's "Weekly Insurance News Wrap," host Paige Estritori discusses significant movements within the Australian insurance sector. Key highlights include Suncorp Group's raised reinsurance protection limit to a remarkable $6.75 billion, driving stability in insurance premiums in Australia and New Zealand. Innovations to enhance resilience to risk and exceed regulatory requires were also discussed, alongside the non-renewal of a quota share agreement for Queensland's home insurance. Suncorp's strategic moves, post-bank sale, aim to further safeguard insurance margins. The Australian Financial Complaints Authority (AFCA) mandated Insurance Manufacturers of Australia to settle a car theft claim, despite initial skeptics about vehicle ownership...2024-08-0100 min
Finance News WrapSat, 27th Jul 2024In this episode of the Weekly Finance News Wrap, Paige Estritori reports on the Australian housing market, highlighting a major shift by National Australia Bank (NAB). Going against the trend, NAB is the first of the 'big four' banks to cut interest rates this year, slashing three-year fixed home loan rates by a significant 0.6% to 5.99%. This reduction, applicable to loans with a 70% loan-to-value ratio and principal plus interest repayments, offers relief to those anticipating future cash rate increases. Estritori reminds listeners of the higher rates upheld by Commonwealth Bank, Westpac, and ANZ. She also cautions borrowers about potential limitations of...2024-07-2700 min
Insurance News WrapTue, 23rd Jul 2024On this week's Insurance News Wrap, Paige Estritori discusses a study revealing 78% of Queensland renters lack contents insurance, putting them at significant financial risk. She covers RACQ Insurance's urge for increased educational initiatives about affordable insurance options for renters. Estritori also reports on a record fine issued to Aycon Constructions by the Victorian Building Authority for falsifying insurance certificates, illustrating the need for consumers to verify builders' registrations and insurance policies. In international insurance business, she highlights Liberty Mutual Insurance Group's unit, LM Re, launching a dedicated Australian branch, signaling a growth plan for Australia and New Zealand. Lastly, she...2024-07-2300 min
Insurance News WrapSun, 21st Jul 2024In this week's Insurance News Wrap, Paige Estritori discusses stern actions taken against fraudulent activities in the construction industry, with the Victorian Building Authority issuing a record $250,000 fine to Aycon Constructions and its director, Seyit Ayranci. Other topics include the expansion of Liberty Mutual Insurance Group into Australia with a dedicated branch, the broadening of insurance specialties by non-profit health fund HCF in response to its survey findings on cost-efficient insurance, and Suncorp's unveiling of its third Reconciliation Action Plan designed to provide enhanced opportunities for First Nations people. Paige ends by stressing the importance of staying informed and safe...2024-07-2100 min
Superannuation News WrapWed, 17th Jul 2024In this episode of Weekly Superannuation News Wrap, host Paige Estritori discusses an emerging issue of crime syndicates targeting Australian superannuation funds. On the radar is AUSTRAC's report indicating 10-50% of superannuation fraud crime profits traced back to organized crime. Estritori points out the surprisingly low industry gauging of this criminal threat, despite increasing evidence of professional service providers unknowingly facilitating fraudulent activities. These typically stem from cybercrime breaches of personal details. The stolen money is often funneled into self-managed super funds through complex transactions, to eventually enter the market. Australians are urged to stay informed and vigilant, with particular...2024-07-1700 min
Financial Services News WrapMon, 1st Jul 2024In this episode of the Financial Services News Wrap, Paige Estritori discusses the tug-of-war of the 4% inflation on the Australian economy. She warns of possible rising interest rates caused by high immigration, infrastructure projects, energy price pressures, and tax cuts. She also mentions that customer claim input is a growing concern, with the National Insurance Brokers Association urging insurers to reduce inquiry response times. Shifting focus, Estritori announces Suncorp's exclusive move towards the insurance sector following the sale of their banking business to ANZ. Lastly, she examines the challenge to reduce inflation to the Reserve Bank's target of 2-3%. Stay...2024-07-0100 min
Finance News WrapSat, 29th Jun 2024This week on Financial Services Online's Weekly Finance News Wrap, host Paige Estritori discusses significant developments in Australia's financial sector. These include ANZ's $4.9 billion acquisition of Suncorp's banking business, enabling Suncorp to focus on its core insurance sector. The move, aimed at addressing insurance challenges like climate change, received the green light from Federal Treasurer Jim Chalmers. Estritori also tackled the ongoing struggle with inflation, which surged to 4%, challenging the Reserve Bank's goal of maintaining a 2-3% rate. The inflation pressures negatively affected Australia's securities exchange, prompting expectations of potential rate hikes. Finally, Westpac received criticism from the Banking Code...2024-06-2900 min
Superannuation News WrapFri, 28th Jun 2024In this episode of the Weekly Superannuation News Wrap, host Paige Estritori discusses a newly implemented banking levy that disproportionately affects small superannuation funds, leading to calls for more equitable policies. AustralianSuper's creative response to the housing affordability crisis is also explored, with their innovative Build-to-Rent-to-Own initiative offering potential homeowners a path to homeownership by locking rental rates and purchase prices for five years. With investments of $500 million, AustralianSuper aims to create over 1,400 homes by 2027. Estritori also reminds Self-Managed Super Fund pensioners to verify their minimum pension payment requirements by the end of the 2023/24 financial year to secure tax benefits...2024-06-2800 min
Superannuation News WrapMon, 17th Jun 2024In this episode of the Weekly Superannuation News Wrap, host Paige Estritori warns of a growing trend exploiting Australian superannuation holders. Tactics include high-pressure cold calls urging individuals, particularly those between 25 and 50 years old with significant super balances, to switch to high fee, poor performance funds. These unethical tactics, using personal data frequently obtained through misleading online ads, exploit legal loopholes. Both the ACCC and the Super Members Council have issued alerts about these practices. Misha Schubert, CEO of The Super Members Council, and ASIC both suggest hanging up immediately if targeted. Estritori reminds listeners to stay vigilant about their...2024-06-1700 min
Financial Services News WrapSun, 16th Jun 2024In this episode of Financial Services Online's Daily News Wrap, Paige Estritori discusses key issues in the Australian financial landscape. She opens with a warning from the Australian Competition and Consumer Commission about cold-callers exploiting legal loopholes to target super holders. These scammers pressure victims to switch their funds to underperforming platforms with high fees. The podcast also touches on the Commonwealth Bank's prediction of a delay in Reserve Bank of Australia's anticipated rate cut due to rising unemployment rates and fewer working hours. Estritori also discusses ongoing inflation worries, despite a proposed federal energy rebate. The episode wraps up...2024-06-1603 min
Finance News WrapSat, 15th Jun 2024In this week's 'Finance News Wrap', host Paige Estritori discusses recent economic data suggesting a tightening of spending by Australians due to a struggling economy. The Australian Bureau of Statistics' April Household Spending Indicator, as well as the Westpac's Card Tracker Index, both point towards a significant downturn in consumer activity across the nation. This reduction in consumer confidence leads to a faster decline in real per capita spending when inflation and population adjustments are made. Estritori highlights the impact of these economic trends on both personal and business financial planning, but reassures listeners of Financial Services Online's commitment to...2024-06-1502 min
Superannuation News WrapFri, 14th Jun 2024In this episode of Financial Services Online's Superannuation News Wrap, host Paige Estritori discusses the gender divide in retirement savings in Australia as highlighted in a report by the Australia Institute. Estritori emphasizes on the disparities revealed in the superannuation and tax concession systems which immensely favour men and the wealthy demographic. She underscores the alarming fact that men between ages 60 to 64 have super balances 23.4% higher than women. The issue also extends to wealthier individuals getting greater benefits from the $54.56 billion revenue loss in the previous year's tax concessions. She concludes with a note on the Federal Government's efforts to...2024-06-1402 min
Finance News WrapFri, 14th Jun 2024In this week's episode of the Weekly Finance News Wrap, Paige Estritori discusses the concerning state of Australia's economy. Recent statistics reveal that Australian consumers are curbing their spending, indicating a lack of consumer confidence and potential signs of a deepening recession. Declines in real per capita spending, inflation and population growth adjustment reveal a troubling financial picture. The Westpac Card Tracker Index supports these findings, showing a similar decrease in consumer activity as a nationwide concern. While there's a slight relief in spending curbs in the Upland area, the broader economic outlook remains bleak. There appear to be no...2024-06-1402 min
Finance News WrapWed, 12th Jun 2024In this episode of the Weekly Finance News Wrap, Paige Estritori discusses key shifts in Australia's financial landscape. Amid declining consumer activity and a noted trend in reduced spending, data from the Australian Bureau of Statistics indicates a concerning slowdown in economic growth. These reduced figures, after adjustment for inflation and population changes, point to a potential deepening recession. This downturn appears widespread across states, though certain regions are experiencing a slightly lesser impact. With no immediate signs of financial relief, Estritori emphasizes the importance of smart financial decisions for individuals and businesses. She notes that Financial Services Online offers...2024-06-1202 min
Insurance News WrapThu, 6th Jun 2024In this episode of Financial Services Online's Weekly Insurance News Wrap, Paige Estritori covers significant developments in Australia's insurance sector. There's a moderate 4% increase in WorkCover Queensland's Workers' Compensation premiums attempting to avoid sharp spikes; the move still keeps Queensland competitive despite challenges like the rise in mental injury claims. Meanwhile, New South Wales grapples with an 8% premium increase. Estritori also touches on a case of fraudulent insurance claims by Haneen Asfour, accused of illicitly accumulating over $380k post a car accident. Other major points include two allegations against insurance giant IAG - one a class action over alleged deceptive...2024-06-0603 min
Finance News WrapMon, 3rd Jun 2024In this Weekly Finance News Wrap, Paige Estritori reports on the continuing growth of the electric vehicle (EV) market, with Tesla and BYD leading the pack and Mercedes-Benz and MG catching up. However, some Japanese and Indian auto brands lag behind. In light of this, Australia is introducing new fuel-efficiency standards and seeing a 161% increase in EV sales. On the financial side, Australians might potentially experience a break from rising living costs due to an anticipated dip in inflation rates. The Australian Bureau of Statistics' upcoming Consumer Price Index data could influence trading volumes, with the Reserve Bank of Australia...2024-06-0303 min
Insurance News WrapSun, 2nd Jun 2024In this week's podcast, Paige Estritori discusses major trends in the Australian insurance industry and emergency services funding changes in New Zealand. Estritori highlights a class action lawsuit against SGIO, RACV, and SGIC for allegedly manipulating algorithms and exploiting customer loyalty, underscoring the need for transparent practices in the industry. The podcast also addresses proposed changes to New Zealand's emergency services funding. According to these changes, commercial property owners might face a substantial increase in levies if properties have to be fully insured, leading to a potential financial crunch for these owners. The Insurance Brokers Association of New Zealand warns...2024-06-0202 min
Superannuation News WrapThu, 30th May 2024In this week's Financial Services Online podcast, Paige Estritori discusses recent developments in Australian superannuation. Initiating with the unexpected rise in Australian shares due to an increase in superannuation contributions, it set a positive trend in the local economy. The government is considering raising the caps for concessional contributions, potentially offering more flexibility to Australians to bolster their retirement savings. New guidelines by the Australian Prudential Regulation Authority are designed to enhance ethical conduct and transparency of funds, while the top five Australian super funds have been ranked on their climate risk disclosures. Conversely, Estritori highlighted the issue of unclaimed...2024-05-3003 min
Insurance News WrapWed, 29th May 2024In this episode of Financial Services Online's Weekly Insurance News Wrap, Paige Estritori discusses vital insurance industry ramifications in Australia and New Zealand. Firstly, she addresses the Insurance Brokers Association of New Zealand's concerns over proposed changes to funding for emergency services, which could drastically increase non-insurance risks and charges for commercial assets. The shift from indemnity value to sum insured calculations might see levy increases of up to 400%. She warns of the potential for similar reforms in Australia. Secondly, she surveys the Insurance Council of Australia's efforts with the government to address mounting insurance costs, particularly in flood-prone regions...2024-05-2902 min
Insurance News WrapThu, 23rd May 2024In this weeks Insurance News Wrap, host Paige Estritori discusses key highlights from Australia's insurance industry. Starting with the Australian Financial Complaints Authority ruling on an important case, the podcast underlines that insurance coverage starts once a policy is active, and correct reporting of damages is crucial. It also discusses life insurance giant TAL's enormous strides in efficient claim processing, as it paid out over $4 billion in claims last fiscal year. Climate changes effect on insurance premiums is currently being investigated by the Australian Senate with a report expected in November. Lastly, the podcast discusses the challenges in the life...2024-05-2302 min
Insurance News WrapWed, 1st May 2024In this Weekly Insurance News Wrap from Financial Services Online, host Paige Estritori discusses key insurance issues. Firstly, the Australian Consumers Insurance Lobby is pushing for changes to Australia's cyclone insurance framework, including a fairer distribution of costs and broader coverage. However, these reforms are facing pushback. Secondly, she discusses the impact of inefficient insurance responses following the Victoria floods in October 2022, highlighting the communities' distress and demand for quicker responses by insurers. Lastly, Estritori discusses a unique case where a stationary antique car was considered a motor vehicle, hence excluded from home insurance coverage despite causing confusion during the...2024-05-0102 min
Superannuation News WrapTue, 30th Apr 2024In this episode, Paige Estritori offers the latest updates from the superannuation sector. Topics include the revised First Home Super Saver Scheme, which aids first-time homeowners by allowing utilization of pre-taxed income in superannuation, and the superannuation fund UniSuper's switch from TAL to MetLife in hopes of boosting member support through advanced digital tools and superior customer service. Estritori also discusses concerns surrounding the lack of long-term analysis on the $3 million superannuation cap and how it might affect Australians. Lastly, the episode touches on the potential negative impact of superannuation tax reforms on farmers, prompting the National Farmers Federation to...2024-04-3003 min
Finance News WrapMon, 29th Apr 2024In this episode, Paige Estritori discusses recent events in Australia's financial landscape. Major events included a 1.4% plunge in the ASX200 due to speculation over interest rate rises, combined with unexpected Consumer Price Index data, affecting banks, industrials, and mining companies. The Australian Dollar, however, saw a subtle rise. MetCash's acquisition of Superior Food Services also withstood the economic turbulence. Australians are struggling with high income tax rates and rising inflation that. Monetary strategies, such as potential interest rate increases, are adding more stress. Yet, there's hope with a recent drop in yearly inflation to 4.1%, suggesting possible policy adjustments. The upcoming...2024-04-2903 min
Finance News WrapSat, 27th Apr 2024In this episode of the Weekly Finance News Wrap, host Paige Estritori takes listeners through the latest financial trends in Australia. Contrasting high tax rates with stagnant wages, Estritori highlights the impact on purchasing power and the pressure on household finances as a result of increased interest rates. The tough task for policymakers to spur wage growth and cut taxes while wrestling with inflation is noted. In anticipation of the ATO tax return deadlines, she urges timely action to avoid fines. The episode also delves into upcoming CPI numbers, with them potentially informing future RBA monetary policy. Despite inflation showcasing...2024-04-2703 min
Finance News WrapFri, 26th Apr 2024In this episode of the Financial Services Online's Weekly Finance News Wrap, Paige Estritori discusses important upcoming dates regarding the Australian Taxation Office (ATO) and tax returns: July 1st, the start of the new fiscal year, and October 31st, the deadline to file tax returns. The severity of penalties for missing these ATO deadlines are underscored. The episode then moves to Australia's inflation outlook, highlighting potential shifts in the Consumer Price Index (CPI). Recent data suggests a downsizing trend in inflation, with expectations of a Policy tweak by the Reserve Bank of Australia, possible changes in the CPI for March...2024-04-2602 min
Financial Services News WrapTue, 23rd Apr 2024In this episode, Paige Estritori explores crucial aspects impacting Australian finance. The country awaits a significant CPI update anticipated to shape the Reserve Bank of Australia's monetary policy, with recent data marking a 4.1% fall in annual inflation. A report from Colonial First State indicates Australians' retirement goals exceed official guidelines, suggesting personalized retirement strategies may be more beneficial. Estritori emphasizes the importance of thorough insurance policy understanding, citing a case of a rejected claim due to a natural disaster exclusion. Lastly, in the realm of sustainable investments, UniSuper commits $600 million to an environmentally friendly fund, indicating a shift towards renewable...2024-04-2303 min
Financial Services News WrapThu, 18th Apr 2024In this episode of the Daily Financial Services News Wrap, Paige Estritori discusses the optimistic post-pandemic economic recovery outlined by ClearBridge Investments, urging investors to diversify. The show also covers a controversy over the Treasury Laws' proposed changes which might impact the superannuation fund and the innovative sector. Transitioning to real estate, Estritori explains the 'rentvesting' trend, where people own properties in affordable areas while renting in their preferred neighborhoods. Almost half of the Commonwealth Bank's new property investors are millennials making solo purchases. Finally, retirement plans become increasingly personalised, with financial advisers urged to understand diverse market-linked and guaranteed...2024-04-1802 min
Insurance News WrapWed, 17th Apr 2024In this episode of the Weekly Insurance News Wrap, Paige Estritori discusses the ongoing federal inquiry into insurance practices in the wake of the 2022 Queensland floods. The investigation, led by Daniel Mulino, has uncovered marked discrepancies in loss evaluation, often due to confusing insurance jargon. The need for clear, tenant-centric policies and fair settlements for disaster-affected residents has been clearly highlighted. Representatives from organizations like Community Plus+ and Tenants Queensland emphasized that such issues hamper crisis recovery, particularly for vulnerable policyholders. The inquiry's findings will be pivotal to shaping future insurance policy discussions. Join Paige next week for more insight...2024-04-1702 min
Financial Services News WrapTue, 9th Apr 2024In this episode, Paige Estritori discusses key financial topics, starting with the resilience of the Australian housing market despite economic turbulence. New home loan commitments rose by 1.5 percent, totaling $26.4 billion - a 13.3 percent increase on the previous year. The Financial Services Council is also advocating for clearer definitions in superannuation guidance to ensure member autonomy is maintained. In insurance news, the Australian Financial Complaints Authority penalised QBE over repair delays, leading to a $65,000 compensation ruling. Estritori ends with a discussion on a housing shortfall in Australia, due to declining building authorizations, rising costs, and shortages; however, potential interest rate reductions...2024-04-0902 min
Insurance News WrapSun, 7th Apr 2024In this week's episode of Financial Services Online's Insurance News Wrap, Paige Estritori discusses crucial industry developments. Firstly, she unveils the misfortune of a Melbourne couple who returned from Bali due to a medical emergency, only to discover their single-trip policy with Tokio Marine & Nichido Fire Insurance had ended, emphasizing the importance of understanding insurance details. Next, Estritori applauds MetLife Australia's groundbreaking inclusivity-focused leave policies covering menopause symptoms, fertility treatments, gender affirmation procedures, and increased parental leave. Lastly, John Trowbridge's proposal for a shift from inadequate self-estimation methods to total replacement coverage in home insurance is highlighted, arguing it would...2024-04-0702 min
Finance News WrapThu, 28th Mar 2024In this episode, Paige Estritori of Financial Services Online discusses several key financial topics. Starting with a notable announcement from the Australian Prudential Regulation Authority (APRA), Paige explains how APRA's year-long stress test in 2025 aims to strengthen Australia's economic fortitude by evaluating the potential impact of unexpected incidents on its financial sector, including banks, insurers, and superannuation funds. She then highlights concerning findings from a Fitch Ratings report, noting an increase in mortgage arrears due to a series of interest rate hikes and ongoing inflation. Finally, Paige discusses the emerging 'rentvesting' trend among first-time homebuyers - purchasing properties to rent...2024-03-2702 min
Insurance News WrapThu, 28th Mar 2024In this episode, Paige Estritori discusses the surge in weather-related insurance claims experienced this summer, with nearly 85% due to storms and hail. The most affected regions were New South Wales, Queensland, and the Australian Capital Territory. Paige highlights the need for Australians to take preventive measures against extreme weather. The podcast also reports on a Federal Court ruling confirming that policyholders only need to report significant changes to their auto insurance coverage. Additionally, a survey reveals that insurance brokers are spending over three hours a day on administrative tasks, indicating a need for industry technological advancements. Lastly, the episode features...2024-03-2703 min
Financial Services News WrapThu, 28th Mar 2024In this episode of the Daily Financial Services News Wrap, Paige Estritori discusses critical updates on the financial landscape in Australia. Topics include the Australian Prudential Regulation Authority's plan for a resilience assessment of Australia's financial system. This test will measure the preparedness of banking, insurance, and superannuation funds for economic and environmental shocks. The podcast also covers the thriving superannuation sector, APRA's role in its oversight, and the anticipated effects of climate-related risks. Estritori discusses the increased weather-related insurance claims nationwide, prompting homeowners to be better prepared. Lastly, she highlights a study on high-net-worth women outperforming in aggressive investments...2024-03-2703 min
Superannuation News WrapTue, 26th Mar 2024On this week's Financial Services Online podcast, Paige Estritori discusses key developments in the Australian financial sector including a rise in high-net-worth women in finance adopting aggressive investment strategies. Meezan Wealth Management's creation of the 'Al-Mustaqbal Islamic SMSF', a Sharia-compliant self-managed super fund for Australian Muslims, is highlighted. Estritori also covers the Australian Treasury's proposed $3 million superannuation tax cap aiming for a fairer tax system. Deloitte's study forecasting a shift in Australia's retirement savings is analysed, emphasising the 'staple mechanism' giving industry super funds and self-managed super funds a competitive edge. The potential modification of the wholesale investor test by...2024-03-2503 min
Financial Services News WrapSun, 24th Mar 2024In the latest episode of Financial Services Online, Paige Estritori discusses trends in the Australian property market including the rising popularity of 'rentvesting', with one in five first-time buyers now purchasing properties to lease out. She also reviews Deloitte's prediction that industry super funds and SMSFs will dominate retirement savings by 2043, particularly with the 'staple mechanism' encouraging savings retention and growth. Carbon trading receives attention as CFC launches Carbon Delivery Insurance to bolster confidence in the carbon credit market. Additionally, Estritori comments on strata firm Netstrata's commitment to enhancing transparency in response to criticism of their insurance fees. The company...2024-03-2303 min
Superannuation News WrapSat, 23rd Mar 2024In this week's episode, Paige Estritori discusses superannuation sector developments, observing a strong 9% growth in growth funds over four months. Paige attributes this growth to international shares successes, particularly in developed and emerging markets led by China. Despite a humble 1% rise in the Australian sector, developing a diversified investment approach for future security is emphasized. There's an industry focus on the creation of user-friendly climate reporting guidelines. Paired with this, there's a spotlight on AustralianSuper and TAL's collaborative product, 'income for life', aiming to provide consistent income and potential age pension benefits. Attention is also drawn to a boost in...2024-03-2202 min
Financial Services News WrapFri, 22nd Mar 2024In this episode of the 'Daily Financial Services News Wrap', financial expert Paige Estritori discusses significant potential changes to Australia's economy. The nation is bracing for up to eight interest rate cuts over the next year and a half as it grapples with economic slowdown and an uptick in unemployment. Financial stability is also likely to be impacted by artificial intelligence advancements, a slowdown in China's growth, and dependence on labour growth via immigration. The episode also addresses transparency issues in insurance, with the Australian Consumers Insurance Lobby reporting multiple unresolved instances in the strata sector. On a positive note...2024-03-2103 min
Superannuation News WrapThu, 14th Mar 2024In this week's Superannuation News Wrap, Paige Estritori discusses increasing living costs for retirees reflecting a 3.5% rise, with healthcare, leisure, and insurance costs notably high. Further, she explores the criticism faced by a scheme allowing Australians to utilize superannuation funds for housing deposits, as it may inadvertently increase property prices and negatively impact first-time buyers. In the cybersecurity sector, the Association of Superannuation Funds of Australia urges that only major cyber incidents need obligatory reporting. The episode also highlights a positive shift in the gender super balance gap, thanks to Self-Managed Superannuation Funds (SMSFs). Finally, Estritori uncovers possible superannuation tax...2024-03-1403 min
Financial Services News WrapWed, 13th Mar 2024In this edition of Financial Services Online, Paige Estritori discusses the monetary hardships small and medium businesses are facing with rising costs and falling profits, and the particularly affected hospitality areas in Western Sydney and Southeast Queensland. The show covers a controversial proposal by Coalition lawmakers to tap into superannuation for housing deposits, with the Super Members Council arguing it could inflate house prices and mortgages. The podcast delves into the rising reliance on 'finfluencers', or finance influencers, among many Australians, especially Generation Z, despite warnings about verifying online advice independently. Wrapping up, Estritori talks about the surge in cash...2024-03-1302 min
Superannuation News WrapWed, 13th Mar 2024In this week's episode, Paige Estritori of Financial Services Online explores various superannuation news. The podcast begins with a controversial study suggesting that allowing Australians to use superannuation funds for housing deposits could spike home prices and burden first-time buyers. The episode then covers ongoing discussions about cybersecurity legislation between superannuation funds and the government. Paige also highlights a positive shift in reducing the gender super balance gap from 20.3% to 15.9% over the last five years due to proactive measures and legislative changes. The podcast further discusses the role superannuation policies play in the current housing crisis, with a look at...2024-03-1203 min
Finance News WrapTue, 12th Mar 2024In this episode of "Weekly Finance News Wrap", Paige Estritori discusses the robust growth of Australia's housing market amidst the pandemic, with a significant 32.5% increase in the national home value index since 2020. Despite high growth in cities like Perth, Adelaide, and Brisbane, the Australian Bureau of Statistics reports a dip in new housing loan commitments, hinting at a possible slowdown. Mortgage rates in Australia rank high globally, and interest payments consume an unprecedented 19.3% of income. In response, the Reserve Bank of Australia may ease rates. Additionally, ex-SunSuper executive, David Hartley scrutinizes superannuation policies for inflating housing prices, suggesting a capital...2024-03-1103 min
Finance News WrapMon, 11th Mar 2024In this week's Financial Services Online podcast, Paige Estritori discusses Australia's struggling housing market, driven by high mortgage interest rates that have led homeowners to dedicate a record 19.3% of income to loan repayments. The podcast cites Australia's preference for variable-rate mortgages as a contributing factor. Australians are also faced with an acknowledged inflation in the housing market, partly due to superannuation policies that allow borrowing for property investments. Declining housing loan commitments and a decrease in new home loan approvals underline the cooling market, yet nearly half of Australians still plan to buy property in the next five years. Estritori...2024-03-1003 min
Superannuation News WrapSun, 3rd Mar 2024In this week's episode, Paige Estritori discusses various topics related to superannuation. First, we explore the long-term implications of Australia's early superannuation withdrawal policy; it's predicted to cause significant retirement shortfalls due to premature fund usage and might induce extra tax burdens. Next, we delve into the complications around donating death benefits to charities, including verification, legal implications, and potential fund distribution delays. We also discuss TelstraSuper's initiative to make full-time Superannuation Guarantee contributions to staff cutting work hours after parental leave, aiming to reduce the retirement savings gap. There's a discussion about the 36% decrease in life insurance coverage via...2024-03-0203 min