This Month
No room for super complacency about cyber risk
Big super’s governance failures are now piling up coordinated cyberattacks targeting some of the nation’s largest industry funds.
Burke breaks silence on fund hacks as Victoria Police moves in
Cybersecurity Minister Tony Burke has broken his long silence on last week’s co-ordinated attack on superannuation funds.
AusSuper to refund customers as Cbus admits hack
AustralianSuper has vowed to refund members who had $500,000 stolen from their accounts in a cyberattack.
Cyberattack exposes Labor big super weakness
Cyber breaches and Donald Trump’s sharemarket rout have exposed further flaws in Labor’s compulsory super system and its union-aligned funds.
Cybercriminals impersonated super executives in week of mass breach
The attacks occurred in the same week hackers compromised the largest funds and siphoned retirement savings out of member accounts.
Trump leaves US credit rating at risk
Readers’ letters on Donald Trump’s tariff regime, the superannuation fund hack, APRA’s home loan serviceability buffer, Peter Dutton’s plan to avoid Canberra and the plight of boys.
Super groups accused of resisting efforts to lift security before hack
A representative of the Association of Superannuation Funds of Australia had told a consumer advocate that stronger protections would put “too high” a burden on funds.
Inside the ‘great frustrations’ between Shayne Elliott and ANZ board
The veteran banker is finishing as chief executive next month – after nearly a decade, regulatory reprimands and plenty of tension at the top.
ANZ review found staff raised concerns and middle managers failed them
Oliver Wyman’s detailed report into the cultural problems within the bank’s markets unit has singled out weak leaders who failed to supervise powerful traders.
APRA lashes ANZ’s risk culture, raises capital penalty to $1b
A separate review of the bank found “weaknesses in culture, leadership, and infrastructure could lead to material issues in the future”.
RBA review says a superannuation crisis is ‘extreme but plausible’
The central bank warns that a sustained downturn in the Australian dollar may spark a crisis for retirement funds and for $4.2 trillion in savings.
ANZ has a trust problem – you can bank on it
Paul O’Sullivan has done what no bank chairman ever wants to do – agree to an enforceable undertaking with the regulator.
Coalition plan to lower lending standards ‘will drive up house prices’
A Peter Dutton-led government would direct the prudential regulator to lower the home loan serviceability buffer if it wins the federal election.
March
Insignia cops the biggest losses as retirement savers move to rivals
Some $74 billion in superannuation switched providers last year, new research shows, much of it headed to industry funds and self-managed wealth platforms.
Cultural resilience key to dealing with crisis
Massive digital disruptions have driven home the need for training and systems to ensure businesses – and all their staff – can instantly respond to outages.
Why you should be paying more in superannuation fees
Incentives to put downward pressure on fees have worked, but funds now have little left over to invest in services.
Labor reveals its plan to regulate crypto
Crypto exchanges will have to meet the same basic governance requirements as banks under a long-delayed policy to regulate the local sector.
Eighteen funds to control $1trn in retirement savings by 2049: Mercer
Industry superannuation is rapidly consolidating as funds compete more aggressively for members and create increasingly sophisticated investment teams.
CBA, NAB chief executives prepare for long-term Trump disruptions
Matt Comyn and Andrew Irvine offer a view of an uncertain environment where upheaval could create big productivity gains – or cause serious harm.
APRA hasn’t read the room on board governance overhaul
A better option for the regulator would be to improve enforcement efforts, rather than increasing the compliance and governance burden on directors and boards.