Wealth

Insights on wealth management, investments, and personal finance.

Wealth
Debt crisis: 1-in-10 Australians owe for healthcare
One out of 10 Australians has been forced into debt for medical expenses, according to a new survey. The numbers come from insurance comparison company Compare The Market, which found 12% of Australians have had medical debt. It was overwhelmingly linked to specialist treatments and consultations, which accounted for 36% of the respondents' debt. Close behind at 30% was medically necessary but elective surgery and dental work at 29%. While some elective surgeries are covered by Medicare, waiting lists can see patients delay the procedure for years or bear the expenses out of pocket. Medicare does not cover dental care. Other reasons for debt include cosmetic procedures, physiotherapy, emergency surgery, expensive prescriptions and mental health care. Half of respondents with existing medical debt reported it at $10,000 or less, and only 2% said they had medical debt exceeding $100,000. However, a further 28% of Australians responded that they would not be willing to put themselves into debt for a medical-related expense at all. The company's Executive General Manager of Health, Steven Spicer, encouraged Australians to look into private health insurance options to alleviate the cost of some procedures.
Wealth
Last-minute EOFY tips: Boost your tax return now
While the Australian Taxation Office (ATO) refunds billions of dollars to over three quarters of all taxpayers annually, it can take a little effort to ensure you get as much tax back as you can. H&R Block estimates that Australian taxpayers receive on average around $2,800 in tax refunds annually. However, there’s no guarantee that two people earning the same income will receive the same tax refund. That’s because many Australians fail to maximise the tax deductions they’re legally entitled to, and even worse, ATO estimates suggest around 200,000 taxpayers who failed to lodge tax returns last year would not have received a refund.Get your financial ducks in a rowWhile tax deductions are the easiest way to maximise your tax refund, there’s some homework to be done to ensure you maximise the tax you get back. Much of this homework revolves around good record keeping, to ensure everything you claim as a tax deduction is substantiated with a valid receipt. For example, if you’re claiming driving expenses for a car you own, make sure they’re dated along with dates and mileage. It’s no different when claiming back charitable donations for any amount over $2, so make sure you retain all receipts.What’s in the mix?Most
Wealth
Sole mystery buyer has won Powerball's $100m jackpot
A mystery Australian became a multi-millionaire overnight by winning the entire $100 million jackpot. The search is still on for the winner who purchased an unregistered ticket in Sydney's eastern suburbs. They were the only winning Division One entry in Thursday night’s draw, with the numbers: 28, 10, 3, 16, 31, 14, 21. The lucky winner now shares the title of Australia’s third biggest lottery winner ever. The biggest individual winner is an Adelaide man who won $150 million last year. The Lott spokesperson Matt Hart urged those in Sydney who entered the draw to check their tickets and contact to claim their prize. “There are 100 million reasons why all Sydney players who had an entry [into] this week's draw should check their ticket as soon as possible,” he said. “If you discover you’re holding the division one winning entry, hold on tight to that ticket and phone 131 868 as soon as possible so that we can start the prize claim process. Alongside the Division one winner, there were 3,056,254 wins across divisions two and nine in last night’s Powerball. These winners collectively took home more than $60.9 million in prize money. In division two, there were six winners who each scored $282,415.55. Last year
Wealth
Digital bank company chimes in with another hot IPO
Demand for initial public offers (IPO) in the United States continues to remain strong with shares in ﬁnancial technology company Chime Financial soaring when they made their sharemarket debut on Thursday (Friday AEST). Chime (NASDAQ: CHYM) shares surged 59% from their IPO price when they began trading on the Nasdaq exchange at $43, valuing the digital bank at US$18.4 billion (A$28.2 billion) and extending the pattern of new listings being well sought after. The shares traded between $36.19 and $44.19 and closed at $37.11 as 35.8 million changed hands. Chime sold 25.9 million new shares and existing stockholders sold 6.1 million shares at $27 per share in the IPO. “This is an amazing day for Chime. It’s an amazing day for our nearly 1500 Chimers (employees) but more importantly, this is an amazing day for our members,” Chief Financial Officer Matt Newcomb said in an interview with Yahoo Finance. Although the price jumped on listing, Chime’s market capitalisation is below the $25 billion valuation implied by its last funding round in August 2021. “You can control what you can control. Markets come and markets go. What we can control is being focused on our mission and building our business,” Newcomb said. Digit
Wealth
Regulator invokes Riot Act to put super funds on notice
Australia’s corporate regulator has invoked the spirit of 18th century Great Britain to warn superannuation funds they will face trouble if they do not learn from member complaints. Australian Securities and Investments Commission (ASIC) Chair Joe Longo said super played an important role in the economy, but ASIC saw a “great divide” between what could be reasonably expected of funds, and what was found in practice. He said fund trustees were failing Australians, with ASIC's work laying bare governance challenges, and exposing super trustee board blind spots around data, systems, and processes. For example, a death benefits review found that even the fastest trustee processed 48% of death benefit claims within three months. The slowest processed only 8% in that time. Longo said no trustees monitored or reported on end-to-end death benefit claims handling times, nor did they have performance objectives for these times, and many did not monitor how long their open death benefit claims had been going. He said the next phase of ASIC’s work was to address "board blind spots" with a focus on how trustees learn from and respond to complaints, because no business could thrive without understanding the people it serves. T

Wealth
#OMG – regulators chase finfluencers around globe
The Australian Securities and Investments Commission (ASIC) has warned unlicensed social media personalities to stop illegally promoting financial products or giving financial advice. Australia’s corporate regulator has joined a global crackdown by issuing warning notices to 18 social media "finfluencers" suspected of unlawfully promoting high-risk financial products and providing unlicensed financial advice to Australians. ASIC and eight regulators from the United Kingdom, United Arab Emirates, Italy, Hong Kong and Canada last week took coordinated action as part of the Global Week of Action Against Unlawful Finfluencers. They used a combination of arrests, warning notices, website takedowns, educational schemes with authorised finfluencers and consumer awareness programs to put unauthorised promoters on notice and warn consumers of the risks they pose. “It’s important that consumers separate fun from fact when it comes to finfluencer content,” ASIC Commissioner Alan Kirkland said in a media release. “Popularity doesn't equal credibility. Check their credentials and whether they’re licensed or authorised, before checking your money out.” ASIC is worried about finfluencers positioning themselves as trading expert
Wealth
ASIC v super funds: tug-of-war for private assets
In a manoeuvre that signals a clear ‘hands off’ broadside to super funds, the share markets' regulator, ASIC, is trying to simplify IPO rules to attract privately owned companies to transition to the main board of ASX. In attempt to stanch the worst IPO drought since the global financial crisis (GFC), ASIC hopes that by streamlining the IPO process, more companies will want to join the ranks of the country's listed stocks.ASX is falling in volume and valueIn the year to May, the number of companies on the ASX has fallen from 2,113 to 2,078, while the market cap is down from $3,129,246 to $3,107,859. However, ASIC is by no means the only game in town, with private companies and assets being the fertile hunting ground of super funds. While super fund interest in private assets is nothing new, it recently reached new heights. Based on Rainmaker Information’s analysis of APRA data, super funds had $400 billion invested in private market assets – up 34% - in the two years to June 2024. What appears to be underscoring super fund interest in private real assets is their ability to generate strong returns. Better investment opportunities than the ASXThe Institutional Roundup Report reveals that in the last two years private
Wealth
SUPER NATION: Payday Super support not unanimous
Super Nation is a fortnightly column that examines, explains and analyses key issues in one of Australia's largest, fastest-growing and most critical industries: superannuation. The additional tax on accounts with more than A$3 million (US$1.95 million) is not the only superannuation reform that the Australian Government is facing resistance to, with Payday Super looming as another potential retirement savings battleground. Although the principle of paying super with wages and salaries has almost unanimous support and theft of super through non-payment is condemned with equivocation, some influential organisations have called for a delay in the introduction of the changes. Australia’s peak taxation, superannuation and financial advice bodies have urged the Government to postpone the start of the new system for up to two years from 1 July 2026 to give the super industry and small businesses time to prepare. The group led by CPA Australia acknowledged that paying super alongside wages and salaries would address the A$5.2 billion super gap. This is the difference between what employers should have paid and what they paid into employees’ accounts. CPA Australia Superannuation Lead Richard Webb said the organisation was
Wealth
Rebound positions super funds for strong returns
Superannuation funds are set for high single-digit returns in the 2025 financial year after an improvement in May, SuperRatings estimates. The media balanced option returned 2.6% in May, bringing the one-year return for an accumulation fund to 9.4%, the superannuation research firm said. This compares with an estimated return in April of 0.6%, which implies a one-year return of 7.8%. The median growth option grew by an estimated 3.1% and the median capital stable option rose by 1.1% in May, providing one-year returns of 10.5% and 7.0% respectively.Source: SuperRatingsSuperRatings Executive Director Kirby Rappell said recent market volatility was a timely reminder to focus on the long term, because a member who switched to cash after the March downturn would have missed the strong rebound in May. The firm said although the run-up to the end of the financial year looked relatively stable, the pause in United States tariffs on its trading partners was set to end shortly thereafter and it expected ups and downs in returns over the coming months. “As we approach the end of the financial year, we see that investors seem to be able to look past tariff uncertainty,” Rappell said in a media release. “Following the positiv