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The Commonwealth Bank of Australia made headlines when it announced last week it would cut 45 call centre jobs, thanks to the introduction of an AI chatbot. This only added fuel to ongoing speculation – and some alarmism – about how artificial intelligence (AI) is going to transform the world of work in Australia. But… Read more »
Is there anything you can do to protect your superannuation from dodgy providers or questionable financial advice? And if someone rings you out of the blue and tempts you with a better return on your savings – what should you do? Around 12,000 Australians with A$1.2 billion in retirement savings have been caught up in… Read more »
Last week the Federal Court fined Australia’s biggest superannuation company, AustralianSuper, A$27 million for overcharging customers. The company had breached its legal obligations under the Superannuation Industry (Supervision) Act 1993 by failing to identify and merge the duplicate accounts of customers. Given the individual errant fees were about $1.50 per duplicate account, the penalty might… Read more »
Experts explain downsizing, using super for your mortgage, and pension eligibility. Kathleen Walsh, University of Technology Sydney and Jemma Briscoe, University of Technology Sydney About 36% of homeowners still have a mortgage when they retire, up from 23% a decade ago. This increase in mortgage debt is due to soaring property prices, changes in… Read more »
We found it really depends on who they are … Gertjan Verdickt, University of Auckland, Waipapa Taumata Rau When it comes to investing and planning your financial future, are you more willing to trust a person or a computer? This isn’t a hypothetical question any more. Big banks and investment firms are using artificial intelligence… Read more »
In times like these, when there is great uncertainty about what will happen to interest rates, borrowers get lots of advice about whether to go fixed or variable. Unfortunately, a lot of it is not well founded. For example, anyone who tells you to lock a fixed rate mortgage now before rates rise, is basically… Read more »
With rising inflation, a war in Europe affecting global fuel costs, and ongoing supply strain issues, this year’s budget is shaped not just by the upcoming election but a growing cry in the community about the cost of living. But despite some significant multi-billion dollar spends within the next six months, the deficit is predicted… Read more »
Overwhelmingly, Australia’s top economists would rather the Federal Budget 2022 funds measures to cut carbon emissions than cuts to income tax or company tax. They are also dead against rumoured cuts to petrol tax and the tax on beer. The Conversation’s pre-budget survey of a panel of 46 leading economists selected by the Economic Society… Read more »
Last year, half a million Australians couldn’t afford to fill a script. Here’s what needs to be done to put a lid on rising health costs. Nearly every Australian uses some part of the health system every year, whether it be going to the GP, getting a prescription filled, or seeing a specialist. Despite having… Read more »
Stealth tax rises mean that when the government announces a tax cut, you’ll probably pay the same or more tax anyway. A curious feature of the Australian tax system is “bracket creep”. Taxpayers whose income climbs by no more than prices (inflation) get no increase in their living standards. Instead, they see more and more… Read more »
