HISTORY REPEATING ITSELF – FRYDENBERG STANDING IN THE WAY OF INQUIRY INTO BANKING SECTOR

Reports in the Sydney Morning Herald today show the Australian Competition and Consumer Commission is trying to move forward with an inquiry into competition in the banking sector. Continue reading

COMMONWEALTH BANK CASE SHOWS NEED FOR GOVERNMENT TO ACT ON HAWKING

The Commonwealth Bank’s insurance arm, CommInsure, has been charged today with 87 counts of hawking life insurance products. Continue reading

LABOR WELCOMES THE LAUNCH OF SUPER CONSUMERS AUSTRALIA AS A VOICE FOR SUPERANNUATION MEMBERS

Australia’s $2.7 trillion in superannuation savings represents around 10 per cent of our economy. For many Australians, Superannuation accounts are now the second biggest asset after the family’s home. But the Productivity Commission’s review into the Superannuation industry’s performance has revealed significant problems with underperformance. The persistent and significant gap between high and low performing funds is devastating the retirement incomes of average Australian workers. Persistent underperformance and fee gouging cannot be tolerated. Continue reading

LABOR TO FORCE GOVERNMENT TO VOTE ON THEIR OWN LEGISLATION TO TRACK DODGY PHOENIX DIRECTORS

Labor will force the Government to vote on the Director Identification Number in Parliament. Yesterday Labor circulated amendments to the Government’s Combatting Illegal Phoenixing bill. The amendments replicate legislation the Government introduced into the last Parliament which lapsed at the election, but has not been reintroduced despite the lack of an economic agenda. The DIN legislation doesn’t even appear on the Government’s proposed list of legislation to introduce. Phoenixing is a widespread and corrupt practice, hurting employees, legitimate small businesses, and denying the tax office revenue, costing over $5 billion a year. Continue reading

SUKKAR MUST ACT ON QUADBIKE SAFETY

By the time Australians head home from work today, as many as six people will have been to emergency departments as a result of quad bike accidents. Over 230 Australians have died in quad bike accidents since 2001, including seven this year to date, and more than 650 people are hospitalised every year following quad bike accidents. Continue reading