Superannuation scheme: Tax office pausing applications for early access to super

The tax office is pausing applications for early access to superannuation after instances of identity fraud were detected. More than 1.2 million Australians have applied to withdraw nearly $10 billion from their super accounts during the coronavirus pandemic. But Australian Federal Police fear up to 150 people have lost $120,000 through identity theft. Assistant Treasurer […]

Capital position, economy to drive Suncorp dividend decision, says CEO

Suncorp chief executive Steve Johnston says the strength of the balance sheet and the economy will be the crucial factors that determine dividends, after announcing a wave of extra costs to its bottom line. The financial conglomerate on Monday said its flagship insurance division had taken a $205 million hit from market volatility in the […]

Westpac tightens credit for self-employed amid COVID-19 risks

Westpac is tightening borrowing capacity for self-employed customers and people living in areas that are dependent on tourism, a move aimed at reducing risks sparked by the coronavirus pandemic. The country’s second-biggest bank on Monday said self-employed borrowers taking out new loans would be allowed a maximum loan-to-valuation (LVR) ratio of 80 per cent, or […]