Workers losing out on $2.6 billion superannuation a year
Workers lost an estimated $2.6 billion in 2013 due to employers failing to pay superannuation accounts, revealed a report by the Construction and Building Industry Super.
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Malcolm Turnbull unveils new onMarket bidding app targeted at investors
Today Prime Minister Malcolm Turnbull joined OnMarket BookBuilds CEO Ben Bucknell at the launch of the OnMarket direct bidding app, a free platform that allows you to buy IPOs and placements from your phone, tablet or desktop.
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Financial advice scandals behind low public trust of Australian major banks
Public trust in both the major banks and the commitment of their boards to put member’s interests first remains low in Australia, a recent Industry Super Australia survey has shown.
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CBA announces $5b capital raising and record $9.14b profit
The Commonwealth Bank of Australia has launched a $5 billion equity raising to boost its balance sheet in response to new regulatory requirements. The bank has also posted a full-year cash profit of $9.14 billion.
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More Gen Y investors than ever before: Commonwealth Bank
Gone are the days when investing in the share market was only popular amongst those in their 40s and over, as new research by the Commonwealth Bank shows a significant increase in Gen Y retail investors.
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Term deposits down in same month RBA cut cash rate
Reserve Bank of Australia figures have revealed the value of term deposits held with banks fell 1.1% in May to A$515 billion, compared with the previous month.
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Underperforming bank owned funds draining Aussie retirement savings, says APRA
Aussie retirement savings are being drained by underperforming bank owned super funds, after new data by the Australian Prudential Regulation Authority (APRA) revealed that average annual returns to industry super funds in the not for profit sector have been higher compared to bank owned super funds over the past 11 years.
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Industry super outperforms bank owned funds
Monthly data from SuperRatings revealed that industry super funds once again outperformed bank-owned funds over both the short and long term. The outperformance ranged from 0.13% over a 1-year period to 1.84% over a 10-year period, with industry super funds generally gaining more ground over the longer term.
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High fees eroding Australian super
Research by ING DIRECT confirms there is wide variation in super fees being paid by the average Australian worker, which can lead to an erosion of up to $192,000 off superannuation savings for retirement.
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Generational pay gap: The old become wealthier, while Gen Y goes backwards
The wealth of young Australians is lower than it was eight years ago, a new report from the Grattan Institute has revealed.
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