jim chalmers

While less and less people use cash, for many seniors, uncomfortable using debit or credit cards, banking online or simply fearful of potential scams, it remains the payment system of choice.

The government’s move to shift Australia’s superannuation system to a focus on the retirement phase might be a big ask for a population long focussed on accumulation. But it’s a necessary one, as most retirees don’t fully grasp how to make their golden years work for them.

With language that largely matches the original proposal, the government’s objective of superannuation is now a step closer to being enshrined in legislation. While industry support remains broadly strong, some take issue with the bill’s wording, some with whether it’s needed at all.

While the Albanese government expects Australia’s economy to grow by two and a half times by 2063, the growth will be slower and harder-won than in past decades as major global shifts alter economic dynamics, the report stated. But to get there, productivity needs to pick up.

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.

In the first external review of the central bank in four decades, an expert panel has recommended a major shake-up, including the establishment of a new board responsible for monetary policy. RBA Governor Philip Lowe welcomed the changes while defending the current board’s decision-making capabilities.

The Treasurer’s plan to limit concessional tax treatment within super at $3 million comes without a lot of the details required for effective retirement planning. Making bold changes now could be costly, says Wattle Partners principal Drew Meredith.

Stakeholders are asked for feedback on the government’s proposal to define super’s objective in legislation for the first time, with industry bodies lining up in support.

The regulator will look into the discrepancy between the interest rates banks charge borrowers and those they pay depositors, as the RBA’s rate-hiking campaign propels the big four banks toward record profits.

While avoiding recession is possible, the continuation of restrictive macroeconomic policies for the near term is needed to fight inflation, according to the IMF’s annual economic report card for Australia – and tax reform and stronger housing policies would also help.