The Australian Labor government has introduced a new reform that allows more citizens to access affordable financial advice from their superannuation funds. This comes following an exodus of financial advisors in the country due to a 2019 royal commission’s inquiry into the misconduct in the banking, super and financial services industry, which resulted in a…
Australians to Get Affordable Financial Advice From Super Funds Under New Reform
June 14, 2023
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AustraliaBusiness & Marketseconomic policiesfinancial advicepersonal financeStephen Jonessuperannuation fundsWorld
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Australian Government to Crack Down on Buy Now, Pay Later with Tougher Regulations
The Australian government will impose stricter regulations on the buy now, pay later (BNPL) industry amid concerns about high risks to vulnerable groups in society. In his speech to the Responsible Lending and Borrowing Summit on May 22, Financial Services Minister Stephen Jones announced that the federal government would change the law to regulate BNPL…
Australian Government Announces Budget Funding to Disrupt Illegal Text Message Scams
A new register for text scams funded by the federal government should help stop fraudsters fleecing Australians via fake messages. Almost half the nation has been deceived by or exposed to a dodgy text message in the past year, says Communications Minister Michelle Rowland. As a result, an estimated $3.1 billion (US$2.07 billion) was lost. The…
Rising Bank Impersonation Scams Pose New Threat for Australians
Authorities have warned Australians to take precautions against fake text messages pretending to be from banks as more victims report losing their life savings due to sophisticated scams. According to the Australian Competition and Consumer Commission’s (ACCC) Scamwatch, there were 14,603 reports of bank impersonation in 2022, resulting in a loss of $20 million (US$13.34…
100 Social Media Influencers Face Australian Probe Over Hidden Endorsements
January 29, 2023
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ACCCAlbanese governmentAustraliaBusiness & Marketseconomic policiesinfluencersInternationalKim KardashianSocial MediaSocial Media InfluencersStephen JonesTechTech NewsWorld
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YouTubers, Instagrammers, Facebookers, or TikTokers have been put on notice by Australia’s competition regulator over misleading or undeclared product endorsements. The move comes after the U.S. Securities and Exchange Commission fined celebrity Kim Kardashian $1 million (AU$1.45 million) in October 2022 for promoting a cryptocurrency brand without declaring she was being paid $250,000 for the…
Australians Told to Beware of Fake ATO Social Media Accounts
Australians need to be vigilant against scammers on social media posing as customer service support agents for the Australian Taxation Office (ATO), the government warns. Assistant Treasurer Stephen Jones said Australians were being tricked into giving out personal information and money to scammers posing as ATO workers on Twitter, Facebook, and other social media platforms….
‘Buy Now Pay Later’ in the Crosshairs of Australian Regulators
November 21, 2022
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afterpayAustraliaBusiness & Marketsbuy now pay laterCompaniesInternationalpersonal financeStephen JonesWorldzip co
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The Australian government is looking to tighten the regulation of the “buy now, pay later” (BNPL) sector as it hopes to stop more customers from falling into dire financial straits. Speaking to Nine Network on Nov. 21, Financial Services Minister Stephen Jones said the BNPL industry could be subject to the same regulation as the…
Australian Government Eyes Wealthy Retirees as It Considers Super Tax Concession Cuts
November 9, 2022
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AustraliaBusiness & Marketseconomic policieseconomyinflationpersonal financeStephen Jonessuper tax concessionsWorld
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The Australian centre-left Labor government is considering cutting superannuation tax concessions for Australians with high retirement savings as it looks for avenues to improve the budget’s bottom line. Speaking at The Australian Financial Review Super & Wealth Summit on Nov. 8, Financial Services Minister Stephen Jones said the federal government would bring up a debate…
Australians to Lose $4 Billion to Scams in 2022: Aussie Minister
The Australian government has warned that scammers could rob Australians of $4 billion (US$2.57 billion) in 2022, which is nearly twice the amount of losses reported in the previous year. On Nov. 7, Financial Services Minister Stephen Jones announced that the Labor government would establish a new anti-scam centre inside the Australian Consumer and Competition…
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