The financial regulator has given hard-hit investors who rely on bank dividends a reprieve,but it still wants banks to retain at least half their profits.
A survey by the ABS revealed the pandemic's economic impact will last longer,with many households unwilling to return to their pre-virus spending ways.
The dividend party for the Big Four appears over as their profitability and outlook are seen as in decline.
The prudential regulator says some superannuation funds are facing sustainability challenges and should shape up or move out of the industry.
A letter from ASIC's chair has revealed the regulator's concerns about ME Bank's strategy over its controversial redraw policy change were dismissed,prompting Liberal MP Tim Wilson to question the chief's future at the bank.
Superannuation funds have had their access to SuperMatch suspended over concerns about fraud.
'Lift your game or exit the industry'is the message from the prudential regulator.
The sector's total assets shrunk by $200 billion and members lost over 10 per cent in savings over the March quarter as COVID rattled global financial markets.
The government is considering a proposal to allow young Australians to stay on their parents'health insurance plans until the age of 30.
The scene has been set for some big changes in the way Australians receive high-quality,detailed financial advice.
The drop in membership cost health funds $100 million in premiums,but experts predict even sharper falls in private health membership.