Money Australia - August 2019

(Barré) #1


How to spot a great super fund

Investment types: Most funds
invest in a mix of cash, fixed inter-
est, property and shares. When you
diversify you reduce the overall risk,
minimising potential losses. Also
consider include how much money you need for
retirement and how many years you have to invest.
Performance: Small differences in the rate of
return earned by your super can have a significant
impact on retirement savings. It’s impossible to pre-
dict performance, there’s no guarantee a fund that
performed well in the past will continue to do so.
Insurance: Most funds include life insurance and
many add total and permanent disability (TPD) or

income protection. When considering a
fund, check whether the cover is enough
or if there’s an option to increase.
Portability: Most funds give you the option
to switch to another fund, to consolidate
your super and reduce fees. Check the
costs involved, rules around switching,
and whether you lose benefits.
Visibility: Whichever fund you choose, keep
an eye on how your super is going, in particu-
lar, your balance, any contributions, any inter-
est earned, insurances and fees.
Mike Sikar, founder and principal adviser
at Delta Financial Group

A new entrant to Australia’s non-
bank lending market, Ebury is
offering trade finance for unse-
cured payables and receivables
with line sizes of up to $5 million
per client. It has traditionally
focused on SMEs that trade inter-
nationally. Ebury offered foreign
exchange services in Australia
before its latest expansion. will now offer power and
gas services to Australian households
under its new brand, Kogan Energy.
The brand expects to launch before
December 31, 2019, and plans to make
“these essential services more afforda-
ble through digital efficiency”, reducing
the cost. The offering involves Kogan
entering a multi-year agreement with
Powershop Australia, a part of Meridian
Energy – a renewable energy generator.

A moratorium allowing Austral-
ians to get up to $500,000 of life
insurance without disclosing an
adverse genetic test result came
into effect on July 1.
The Financial Services Coun-
cil-approved standard means that if
consumers want to get a genetic test
or take part in genomic research
and not share the results with their
life insurer – they now can.

Industry super fund Rest surveyed the spending
habits of more than 1000 Aussies to find 62%
are paying for services or subscriptions they
don’t use or have forgotten about; and 44%
said they’ve never cancelled subscriptions
they weren’t using. Rest describes
Australia as a nation of


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