Tue, 11th Jun 2024

In this episode of the Daily Financial Services News Wrap, topics discussed include the ongoing gender divide in Australian retirement savings, with men's median super balances 23.4% higher than women's. The disparity is due to a tax concession system benefiting the wealthy, costing the country $54.56 billion. Measures to deduce this include incorporating superannuation into government-funded parental leave and raising the minimum wage. We also cover the declining discretionary spending of Australian households, an indicator of recession. Climate impact on New South Wales is expressed through flooding threats, and insurance agencies are prepared to support residencies. Lastly, Queensland is experiencing a 4% rise in workers' compensation premiums due to a strategic move by WorkCover Queensland. Despite global challenges, Queensland's scheme remains strong using $2.5billion from investment reserves to subsidize past premiums. For more financial updates, visit our website at financialservicesonline.com.au.n