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Paige Estritori

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Insurance News WrapInsurance News WrapThu, 17th Jul 2025In this episode, host Paige Estritori highlights the critical increase in mental health-related claims confronting the Australian insurance industry. Claims have nearly doubled over the past few years, contributing to a record payment of $2.2 billion last year. Total and Permanent Disability (TPD) claims - mainly driven by mental health issues - are now the leading cause amongst younger Australians. In response, the industry is exploring innovative strategies to support mental health challenges. Shifting focus, the QBE Insurance Group warns Australian landlords that they might face financial adversity if their rental operations are disrupted, advocating for increased insurance coverage. Estritori also...2025-07-1700 minFinancial Services News WrapFinancial Services News WrapMon, 14th Jul 2025This episode of Financial Services Online with Paige Estritori covers key financial topics as of July 14, 2025. Firstly, it analyzes a recent trend within Australia's financial advisory sector, where despite a high pass rate in exams, over 33% of new advisors are choosing not to practice. Next, it delves into Australians' reliance on familial wealth, with a Finder survey revealing that 41% are counting on an inheritance to achieve financial goals. Then, it highlights an exciting alliance between MUFG Pension and Market Services and Microsoft aiming to digitize superannuation services. Lastly, Estritori explores promising opportunities for homebuyers in Melbourne following the Reserve Bank...2025-07-1400 minInsurance News WrapInsurance News WrapFri, 11th Jul 2025In this week's 'Weekly Insurance News Wrap', Paige Estritori discusses recent global insurance developments with a focus on Australia's resilient sector, projecting a steady return on equity of 9.7% through 2027. She covers the potential impacts of US tariffs under the 'America First' trade policies, dampening global premium growth. Discussing domestic industry, Estritori explores the life insurance advice sector, highlighting the need for expanding the risk advice base and utilizing technology for quality enhancement. The episode further delves into legal issues with Australian Securities and Investments Commission's challenge to a Federal Court ruling around 'pre-existing condition' clauses. Finally, the episode ends with...2025-07-1100 minFinance News WrapFinance News WrapFri, 4th Jul 2025In this week's Finance News Wrap, Paige Estritori discusses the steady growth in Australia's online retail industry, with a 0.7% increase in spending last month and a total of $63 billion spent over the past year. She also talks about the Reserve Bank of Australia's plans to cut rates as an effort to increase consumer confidence. Furthermore, Estritori covers the rise of Australia's minimum wage, the increase in superannuation contributions, and new Medicare inclusions for gynaecological services. Internationally, the US dollar declines due to concerns over tariff policies. Locally, David Makowa, an auditor, was deregsitered by ASIC in a case highlighting the...2025-07-0400 minSuperannuation News WrapSuperannuation News WrapMon, 30th Jun 2025In this week's financial podcast, Paige Estritori discusses key superannuation topics including the 30th June financial year end, changes to contribution rules and the upcoming superannuation guarantee rate increase to 12%. Important tips include high-income earners submitting contributions early to maximize tax benefits and the new option for couples to transfer up to 85% of concessional contributions. The discussion also covers the controversy over the Australian Prudential Regulation Authority's proposed board appointment role, with strong opposition from CPA Australia and other bodies. Lastly, Estritori highlights the Australian Financial Complaints Authority revisiting the classification of Self-Managed Super Funds, emphasizing the need for advisors...2025-06-3000 minFinancial Services News WrapFinancial Services News WrapMon, 30th Jun 2025In this episode of the Daily Financial Services News Wrap, Paige Estritori discusses key Australian financial developments. She highlights the resurgence of active investing and the role that global equities, private equity, and bonds play in diversifying portfolios. Estritori also notes the Australian Financial Complaints Authority's (AFCA) initiatives to clarify the classification of self-managed super funds, emphasizing the importance of advisers' understanding of these regulations. She then covers the housing market challenges in Western Australia and the government's increased budget allocation in response. Lastly, Estritori recounts an interesting AFCA case involving an insurance fraud claim and a crash allegedly caused...2025-06-3000 minSuperannuation News WrapSuperannuation News WrapSun, 29th Jun 2025In this episode, Paige Estritori covers key superannuation topics. The Australian Financial Complaints Authority (AFCA) has clarified the classification of self-managed super funds (SMSFs), specifying a $10 million asset requirement for a fund to be classified as a wholesale investor. On the other note, as the financial year draws to a close, Estritori underlines the importance of timely superannuation contributions, especially for high-income earners. She also sheds light on the benefits of spouse contribution splitting and upcoming changes in the superannuation guarantee rate. Lastly, the episode covers the ongoing controversy over the Australian Prudential Regulation Authoritys role in board appointments, with...2025-06-2900 minFinancial Services News WrapFinancial Services News WrapFri, 27th Jun 2025In this episode, Paige Estritori dives into the latest in Australian financial news. She reports on the 2025 Global Investor Insights Survey indicating an international trend towards active investing. The survey shows 80% of respondents globally, managing US$67 trillion, are planning to expand their active management strategies. Similarly, Australian wealth managers are also gravitating towards this strategy. Estritori also discusses the Australian Financial Complaints Authority's (AFCA) reevaluation of self-managed super funds classifications. Western Australia's housing market challenges are also examined, with escalating house prices and rental shortages despite a $1.4 billion budget allocation. Lastly, Estritori touches on a disputed possum accident insurance claim...2025-06-2700 minInsurance News WrapInsurance News WrapSun, 22nd Jun 2025In this week's episode, Paige Estritori discusses the pressing issue of insurance in the face of climate change, predicting that half a million Australian homes may be uninsurable by 2030 due to rising flood risks. The need for policy reforms and stricter construction codes is underscored. The episode also highlights the user-end issues highlighting a controversial insurance claim denial owing to the insurer's war and violence exclusion clause, underscoring the need to comprehend insurance policies details. Achievements of the EML Group, Allianz Workers, and Hall & Wilcox Lawyers in the ACT Insurance Awards are commended, reflecting the vital role of leadership and...2025-06-2200 minFinance News WrapFinance News WrapThu, 12th Jun 2025In this financial news roundup, Paige Estritori discusses the Australian Securities and Investments Commission's (ASIC) promising two-year fast-track IPO trial which aims to boost investment, business expansion, and job creation by hastening the IPO process. EY's Global Wealth Research report indicates that the impending intergenerational wealth transfer represents an opportunity for financial advisers to offer more personalised and tech-informed services, particularly to younger investors. However, data security raises concerns about the need for a measured human-AI collaboration in the industry. Estritori mentions the Reserve Bank of Australia's consideration of a rate cut following modest GDP growth and persistent decline in...2025-06-1200 minInsurance News WrapInsurance News WrapThu, 12th Jun 2025In this episode of the Weekly Insurance News Wrap, Paige Estritori discusses key developments in the Australian insurance industry such as insurers' resilience demonstrated by reporting a net profit after tax of $1.11 billion in Q1. Despite robust performance, issues of affordability and customer costs remain pressing, hinting at future strategic shifts. Other topics addressed include household insurance profits, rising rates indicating strain on households, and regulatory action taken against Choosi Pty Ltd for alleged deceptive insurance comparison practices. The individual disability income insurance sector's five consecutive profitable quarters were also highlighted, emphasising the importance of balancing regulatory compliance with strategic...2025-06-1200 minFinancial Services News WrapFinancial Services News WrapTue, 3rd Jun 2025In this podcast, Paige Estritori discusses key topics in financial issues in both the UK and Australia. In the UK, pet insurance payouts have hit a record high due to rising veterinary costs and higher consciousness among pet owners to financially secure their pets. Attention shifts to Australia where the New South Wales floods highlight a significant gap in insurance coverage for residents and businesses. We also touch on student loans, predicting that the proposed 20% reduction by the Australian Labor government will not take effect until July, increasing the financial strain for millions. Lastly, Australia's AMP Limited faces a class...2025-06-0300 minFinance News WrapFinance News WrapFri, 23rd May 2025In this week's Financial Services Online podcast, Paige Estritori discusses the Reserve Bank of Australia's recent cash rate reduction and its potential effects on the housing market, including a predicted ten percent property price increase. Also noted is a major growth in international equity ETF inflows, driven by market volatility and currency fluctuations, in comparison to the minimal rise in Australian equity ETFs. Lastly, Estritori explores speculations of further RBA rate cuts amid the possibility of the US and China reducing tariffs. Notwithstanding uncertainty, Australian shares are at a three-month high due to US market gains from tariff relief. Upcoming...2025-05-2300 minInsurance News WrapInsurance News WrapFri, 16th May 2025In this episode, Paige Estritori shares important updates in the insurance sphere. Major investment platform Asgard, part of Westpac, announces a significant insurance premium increase, ranging from 0.7% to 94.6%. The adjustment, linked to rising operational costs and claims, will affect client portfolios from July 1. Simultaneously, ClearView makes strides post-exiting the wealth management sector earlier this year, transitioning fully into life insurance. This shift is underscored by a 95% income rise and a $100 million investment in their new ClearChoice technology platform. Lastly, a survey reveals despite financial adversity, Australians prioritise life insurance with holder numbers rising to 60% from 55% last year. However, coverage inadequacy...2025-05-1600 minFinance News WrapFinance News WrapWed, 14th May 2025In the latest episode, Paige Estritori delves into the global economic developments, highlighting the significant tariff concession between the US and China that has had Wall Street in high spirits. The historic 90-day pact sees drastic reductions in tariffs, which has resulted in major booms for indices such as the S&P 500, Dow Jones, and Nasdaq. The tech and consumer discretionary sectors lead these gains, with notable increases in Apple shares. Despite the current excitement, Estritori reminds listeners of potential long-term economic challenges, the anticipation surrounding the Federal Reserve commentary, and upcoming corporate earnings reports. This wave of positivity has...2025-05-1400 minFinance News WrapFinance News WrapTue, 13th May 2025In this episode of Weekly Finance News Wrap with Paige Estritori, main topics include the growing demand for rapid reform in Australia's financial advice sector due to systemic issues and the impending retirement of Stephen Jones. Impacting both advisors and consumers, changes in the Compensation Scheme of Last Resort (CSLR) and Quality of Advice Review are being called for. Increased access to affordable financial advice and investment in superannuation sectors are also key points of discussion. The feature also covers the rising interest in commercial real estate (CRE) debt investments as a path to income diversification, despite traditional banks reductions...2025-05-1300 minFinancial Services News WrapFinancial 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 minInsurance News WrapInsurance 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 minSuperannuation News WrapSuperannuation 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 minFinance News WrapFinance 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 minFinancial Services News WrapFinancial 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 minInsurance News WrapInsurance 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 minFinance News WrapFinance 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 minInsurance News WrapInsurance 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 minSuperannuation News WrapSuperannuation 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 minSuperannuation News WrapSuperannuation 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 minFinance News WrapFinance 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 minInsurance News WrapInsurance 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 minInsurance News WrapInsurance 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 minFinance News WrapFinance 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 minSuperannuation News WrapSuperannuation 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 minFinance News WrapFinance 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 minSuperannuation News WrapSuperannuation 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 minFinance News WrapFinance 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 minFinance News WrapFinance 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 minFinance News WrapFinance 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 minSuperannuation News WrapSuperannuation 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 minSuperannuation News WrapSuperannuation 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 minFinancial Services News WrapFinancial 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 minFinance News WrapFinance 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 minFinancial Services News WrapFinancial 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 minSuperannuation News WrapSuperannuation 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 minFinancial Services News WrapFinancial 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 minSuperannuation News WrapSuperannuation 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 minFinance News WrapFinance 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 minFinance News WrapFinance 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 minFinance News WrapFinance 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 minInsurance News WrapInsurance 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 minFinance News WrapFinance 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 minFinance News WrapFinance 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 minFinancial Services News WrapFinancial 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 minFinance News WrapFinance 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 minSuperannuation News WrapSuperannuation 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 minFinancial Services News WrapFinancial 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 minInsurance News WrapInsurance 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 minSuperannuation News WrapSuperannuation 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 minFinance News WrapFinance 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 minInsurance News WrapInsurance 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 minFinancial Services News WrapFinancial 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 minSuperannuation News WrapSuperannuation 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 minFinance News WrapFinance 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 minInsurance News WrapInsurance 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 minInsurance News WrapInsurance 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 minFinance News WrapFinance 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 minInsurance News WrapInsurance 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 minSuperannuation News WrapSuperannuation 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 minFinancial Services News WrapFinancial 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 minFinance News WrapFinance 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 minSuperannuation News WrapSuperannuation 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 minSuperannuation News WrapSuperannuation 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 minFinancial Services News WrapFinancial 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 minFinance News WrapFinance 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 minSuperannuation News WrapSuperannuation 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 minFinance News WrapFinance 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 minFinance News WrapFinance 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 minInsurance News WrapInsurance 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 minFinance News WrapFinance 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 minInsurance News WrapInsurance 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 minSuperannuation News WrapSuperannuation 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 minInsurance News WrapInsurance 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 minInsurance News WrapInsurance 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 minSuperannuation News WrapSuperannuation 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 minFinance News WrapFinance 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 minFinance News WrapFinance 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 minFinancial Services News WrapFinancial 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 minFinancial Services News WrapFinancial 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 minFinancial Services News WrapFinancial 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 minInsurance News WrapInsurance 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 minFinance News WrapFinance 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 minInsurance News WrapInsurance 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 minFinancial Services News WrapFinancial 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 minSuperannuation News WrapSuperannuation 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 minFinancial Services News WrapFinancial 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 minSuperannuation News WrapSuperannuation 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 minFinancial Services News WrapFinancial 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 minSuperannuation News WrapSuperannuation 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 minFinancial Services News WrapFinancial 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 minSuperannuation News WrapSuperannuation 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 minFinance News WrapFinance 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 minSuperannuation News WrapSuperannuation 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