Super needs some powerful thought leadership to bust myths

Super needs some powerful thought leadership to bust myths

After two weeks of damaging revelations before the Hayne royal commission, it would be understandable if Australians started to despair of the compulsory superannuation system. Trustees of bank-owned superannuation funds were found to have ignored or deliberately worked against the interests of super fund members. In one case, the trustees watched as the for-profit part…
Banking royal commission smashes trust in retail super trustees

Banking royal commission smashes trust in retail super trustees

The juxtaposition couldn't have been more stark. On Tuesday afternoon, the royal commission finally had one of the big fish of the industry superannuation fund world in the witness box: David Elia, the chief executive of Hostplus, the $34.5 billion fund that topped the returns charts for the 2017-18 financial year. But Michael Hodge, QC,…
Tesla shorts make $1 billion windfall after Elon Musk interview

Tesla shorts make $1 billion windfall after Elon Musk interview

by Stephen Grocer The investors betting against Tesla just got a gift from the company's chief executive, Elon Musk. Musk opened up in an emotional interview with The New York Times about the toll the past year has taken on him, blaming those so-called short-sellers for much of his stress. It followed his cryptic tweet…
Peter Dutton denies leadership reports, says Malcolm Turnbull has his support

Peter Dutton denies leadership reports, says Malcolm Turnbull has his support

Home Affairs Minister Peter Dutton has denied reports he is considering taking a tilt at the Coalition leadership as tensions flare over the government's national energy policy. Speculation is rife Prime Minister Malcolm Turnbull is in trouble amid division over plans to legislate for a 26 per cent emissions reduction target on 2005 levels by…
Banking royal commission: APRA hasn’t taken court action over super law breaches

Banking royal commission: APRA hasn’t taken court action over super law breaches

The escalating fee-for-no-service scandal will likely top $1 billion, according to the Australian Securities and Investments Commission, which is preparing to sue banks and other financial institutions for gouging customers. ASIC deputy chairman Peter Kell told the banking royal commission on Friday that the regulator had considered taking criminal action where customers were changed fees…
Hayne royal commission hearings leave retail super fund industry reputation in tatters

Hayne royal commission hearings leave retail super fund industry reputation in tatters

The reputation of Australia's $600 billion retail super fund industry is in tatters after 10 days of royal commission hearings revealed a conflict-ridden honey pot overseen by regulators unwilling to intervene, trustees unable to, and financial services companies only too willing to exploit the paralysis. The banks and other companies operating for-profit super funds have…
Explosive growth of ETFs a boon for investors but there are risks

Explosive growth of ETFs a boon for investors but there are risks

An expected doubling of the Australian exchange-traded funds market by 2020 will create unprecedented investment choice but could leave those who underestimate the risks of new-style ETFs flying blind into the next market storm. Exchange-traded funds (ETFs) have become a $US4 trillion phenomenon as more investors worldwide switch from active managed funds that aim to…
Beauden Barrett calls for rugby rule rethink

Beauden Barrett calls for rugby rule rethink

Star All Blacks playmaker Beauden Barrett has called on rugby's governing body to sort out the code's latest rule crisis so players can challenge for high balls with a clear understanding of what is legal and what is not. On the eve of the year's first Bledisloe Cup match in Sydney, Barrett told AFR Weekend…
Judge retires with shot at CFMEU and class action ‘vultures’

Judge retires with shot at CFMEU and class action ‘vultures’

Outgoing Federal Court judge Richard Tracey has called for closer regulation of class actions and says lawyers who pursue claims based on share price falls "look like vultures". Justice Tracey, who ended 12 years on the bench with a farewell ceremony in Melbourne on Friday, also said the CFMEU had been a "far too frequent" litigant in…
The bitter struggle to reform the Family Court

The bitter struggle to reform the Family Court

As the Turnbull government prepares to push the button on its ambitious family law reforms, an exasperated Attorney General Christian Porter appears ready to compromise. At least a little. It is no secret there is fierce opposition to the government's plans to merge the Family Court with the Federal Circuit Court (FCC) to create the…

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