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In an August 2 lawsuit, ASIC says the online investment platform improperly targeted unsophisticated investors for volatile and risky contract-for-difference products, which 77 per cent of its retail clients lose money on.

Two new reports show Australia lags other developed countries on financial literacy, with systemic issues making the gap between men and women even starker. These deficits translate to worse retirement outcomes, as the financially less literate can miss out on thousands of dollars in income each year.

While some still associate them with lower returns, ESG analysis and sustainable investing are really about managing risk and harnessing opportunities, the Perennial Partners portfolio managers said. If done “authentically”, sustainable investing is “very much a returns game”.

The promise of AI is inflating the prices of big tech stocks, and none have as much positive momentum as Nvidia – a big red flag, says Atrium Investment Management’s Brendan Paul. The key question is whether such companies can maintain long-term growth that justifies their elevated multiples.

The Australian Taxation Office has extended its data collection to more rigorously check taxpayers’ numbers in their FY23 tax returns and cut down on tax cheats. Property investors and those making work-related claims are high on the target list.

The sharp spike in complaints, including nearly 54,000 against banking and finance businesses, shows the effects of financial stress from aggressive interest rate hikes and the explosion of scams, the financial ombudsman’s chief said.

Super funds are failing in their primary duty of understanding customers’ retirement income needs and aren’t doing enough to address known data gaps, the regulators said, criticising their slow progress under the retirement income covenant.

Absolute-return bond strategies should perform even in down markets, but a Morningstar report shows most failed to meet their own performance targets in a rocky 2022. However, as an alternative to traditional fixed income, these strategies still provide the defensive correlation, the research firm argues.

Fronting a House economics committee inquiry into competition in the banking industry, the heads of CBA, ANZ, Westpac and NAB insisted they weren’t unfairly setting interest rates and that competition and customer engagement in the sector have never been stronger.

Corporate profit growth is expected to moderate, especially in sectors focussed on consumer sales, and mining companies have seen large downgrades. Meanwhile, markets are still not fully pricing in the high risk of recession, some analysts say.

Speculation over Lowe’s future as the RBA chief had been swirling for months amidst fallout over interest rate decisions. Bullock, the current deputy governor, will become the first female leader of the central bank.

The global transition away from fossil fuels will require a massive reallocation of capital, and with the technology driving it now more cost-effective than ever, companies and investors that seize climate-related opportunities will be best placed to reap the benefits, according to recent MSCI research.