Not-for-profit superannuation funds surge into top spot after banking inquiry | Australia news

Not-for-profit superannuation funds surge into top spot after banking inquiry | Australia news

Not-for-profit superannuation funds have moved into a clear position of dominance in Australia’s $2.87tn retirement savings industry following the banking royal commission, new figures show. Statistics released by the prudential regulator on Wednesday show the amount of money looked after by industry funds, which are jointly run by employers and unions, surged by $87.3bn, or […]

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Conservatives hate red tape – unless it’s to regulate the behaviour of their enemies | Richard Denniss | Opinion

Conservatives hate red tape – unless it’s to regulate the behaviour of their enemies | Richard Denniss | Opinion

Australia needs more regulation of the banks, more regulation of the aged care sector, more regulation of property developers, more regulation of the mining industry and more regulation of the way we use the water in our rivers. But conservatives are still calling for a reduction of so-called red tape. WTF? Hundreds of high-rise buildings […]

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Government refers Crown allegations to integrity commission – politics live | Australia news

Government refers Crown allegations to integrity commission – politics live | Australia news

ACLEI is I might say to Members who have supported this motion and spoken in favour of it is a very appropriate and in fact the most appropriate body to consider these allegations. They have very significant investigatory powers; very significantly stronger than those of a parliamentary committee, obviously including the ability to apply for […]

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Government flips on royal commission recommendation on mortgage brokers | Australia news

The Morrison government, under heavy fire from politically influential mortgage brokers, has backed down on a key recommendation from the Hayne royal commission, and will no longer ban trailing commissions from 2020. The flip was revealed by the treasurer Josh Frydenberg after a cabinet meeting on Tuesday. He told reporters the government had resolved not […]

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Labor ahead in Essential poll as voters prefer social spending to tax concessions | Australia news

Labor remains ahead of the Coalition in the latest Guardian Essential poll, which suggests voters like social spending more than they like tax concessions, but points to mixed views on the medical evacuations bill. The new survey, which puts Labor in front of the Coalition on the two-party-preferred measure 52% to 48%, comes as Scott […]

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Labor to raise $160m a year from banks for new ‘fairness’ fund | Australia news

Labor will commit to a new fund, raising $160m from the banks per year, to support measures including 500 new counsellors to help victims of financial services scandals pursue compensation, as part of its response to the Hayne royal commission. As well as pressing on with its banking response, the Labor leader, Bill Shorten, has […]

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Labor proposes fixed-rate commission for mortgage brokers | Australia news

Labor has proposed a fixed-rate commission for mortgage brokers rather than accept the banking royal commission recommendation to apply user-pay fees to the service. Commissioner Kenneth Hayne had recommended clients of mortgage brokers pay the fee, instead of banks, to eliminate conflicts of interest. Labor had originally pledged “in-principle” support to enact all of Hayne’s […]

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Schools to choose if they want a chaplain under Labor – politics live | Australia news

This is one of those policy areas that’s gone back and forward with every change of government and we will go back to the position we had when we were last in government, the funding remains. Schools can choose to employ chaplains if they wish. Or they can choose to employ a secular youth worker, […]

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Labor pushes for vote on medical evacuation bill in Senate – politics live | Australia news

The government, unsurprisingly, will not be supporting the motion. Mathias Cormann: What this motion by the Labor Party shows to the Australian people, is just how cocky, how reckless, how irresponsible and how weak Bill Shorten is as Leader of the Labour Party. Bill Shorten is demonstrating to all Australians that he does not have […]

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CBA ‘waiting on royal commission’ before acting on broker incentives – live | Australia news

Well, we decided that – and I’m sure – a number of the documents I think you have in my tender bundle, there is lots of work that’s going on, under way – that’s under way concurrently. We come to a view that nobody will follow. And we will suffer material degradation in volume. And […]

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