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All the changes coming from July 1 - NEWS.com.au

David Koch discusses the big changes coming to superannuation.

No more filling out those annoying green cards. Picture: Gregg Porteous

IT’S nearly the start of the new financial year, which means, as always, a raft of changes.

From fees and charges to family tax benefits and superannuation, here’s how the world will be different starting from July 1, 2017.

POWER PRICES SKYROCKET

Power prices are once again set to skyrocket in NSW, Queensland, South Australia from July 1, with AGL, Origin and EnergyAustralia all announcing big increases of up to 20 per cent following the annual review of prices by the energy regulator.

Combined electricity and gas bills for AGL customers in the ACT will increase by an average of $580, following a 19 per cent and 17 per cent increase, respectively, while NSW households can expect to pay up to $400 a year more.

Customers in South...


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Read more: All the changes coming from July 1 - NEWS.com.au

Miranda Kerr gives up $11m in jewellery - The Australian

Miranda Kerr had been keeping the jewellery in a Los Angeles safe deposit box. Pic: Instagram

Australian model Miranda Kerr has handed over $US8.1 million ($A10.7m) worth of jewellery to the US Justice Department a week after lawsuits said it was purchased for her by Malaysian financier Jho Low with allegedly misappropriated funds, according to her spokesman.

Ms Kerr transferred the gifts on Friday to government agents from her safe-deposit box in Los Angeles, the spokesman said.

“From the start of the inquiry, Miranda Kerr co-operated fully and pledged to turn over the gifts of jewellery to the government,” he said. “Ms Kerr will continue to assist with the inquiry in any way she can.”

Ms Kerr isn’t a defendant in the lawsuits.

The Justice Department declined to comment.

The department filed civil-forfeiture lawsuits this year and last year seeking assets it alleges were bought...


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Read more: Miranda Kerr gives up $11m in jewellery - The Australian

Australia Post appoints Christine Holgate as chief executive - The Sydney Morning Herald

Blackmores chief executive Christine Holgate will be the new boss at Australia Post. She arrives as the first female chief executive, and also comes with direct experience as a postie. 

Ms Holgate takes over from Ahmed Fahour and will start in October .

Has Wells Fargo solved its culture problem?

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Read more: Australia Post appoints Christine Holgate as chief executive - The Sydney Morning Herald
Tags: sydney,morning,herald,executive,chief,post,appoints,christine,holgate,australia

CBA hikes interest-only rates for home loans by 30 basis points - The Australian

A Commonwealth Bank building in the Brisbane CBD. (AAP Image/Dave Hunt)

Commonwealth Bank, the nation’s largest lender, has become the last of the big four banks to whack interest-only lenders with sharp rate hikes, as banks attempt to push borrowers onto less risky loans.

CBA (CBA) today said it would be hiking rates for owner occupiers and investors with interest-only loans by 30 basis points. This would take interest-only rates for owner occupiers to 5.77 per cent and to 6.24 per cent for investors.

In line with moves by other major banks, CBA also slightly reduced rates for owner-occupiers paying both principal and interest, lowering it 3 basis points to 5.22 per cent.

Australian banks are rushing to push through rate increases on interest-only loans after the Australian Prudential Regulation Authority in March unveiled tough new restrictions on lending, which limits...


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Read more: CBA hikes interest-only rates for home loans by 30 basis points - The Australian
Tags: basis,points,australian,loans,hikes,interest-only,rates,home,cba

Former Auburn deputy mayor Salim Mehajer's companies owe $97m to creditors, court hears - NEWS.com.au

A look at the ups and downs of the career and personal life a ex-councilor Salim Mehajer.

Salim Mehajer arrives at Downing Centre Court.

FORMER deputy Auburn mayor Salim Mehajer held a 5.30am meeting with himself to remove the director of two of his companies who appointed administrators 12 hours later, a Sydney court has been told.

Mr Mehajer claimed the administrators were not validly appointed on June 16 as Kenneth Lee was no longer a director and had been replaced by his sister Khadijeh Mehajer.

Creditors are seeking more than $97 million from the companies, Sydney Project Group Pty Ltd and S.E.T. Services Pty Ltd, which only had about $32,000 in the bank, the administrators’ lawyer Andre Zahra said on Tuesday.

He unsuccessfully argued against the granting of an injunction, which has resulted in the cancellation of Wednesday’s meeting of creditors pending a NSW...


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Read more: Former Auburn deputy mayor Salim Mehajer's companies owe $97m to creditors, court hears -...
Tags: court,creditors,hears,news,$97m,owe,mayor,deputy,salim,mehajer,companies,auburn

Happy birthday, GST – time to grow up and tax more food - The Sydney Morning Herald

Our goods and services tax turns 17 this Saturday, but there will be no party. About the only attention the GST gets these days is protests about the "tampon tax" and states complaining about its carve-up.

The GST has been frozen in time by the deal John Howard did with the Australian Democrats to get it through the Senate. It's failed to keep up with our changing spending patterns and thus no longer quite does what it was supposed to do.

Has Wells Fargo solved its culture problem?

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Read more: Happy birthday, GST – time to grow up and tax more food - The Sydney Morning Herald
Tags: food,sydney,morning,herald,tax,grow,birthday,gst,,time,happy

Australian sharemarket opens lower, pulled down by healthcare, mining stocks - The Australian

Healthcare stocks were the biggest drag on the ASX in early trade. Pic: AAP

The Australian share market has driven further into the red, with weakness across all sectors at midday.

At noon (AEST), the benchmark S & P/ASX200 was down 30.3 points or 0.53 per cent at 5,689.9 points. The broader All Ordinaries index was down 28.9 points, or 0.5 per cent, at 5,729.5 points.

Australian shares were unable to overcome early morning losses with the only glimpse of respite the financials sector, up marginally by 0.02 per cent, with the risk of technology disruption still dampening sentiment.

The four big banks were mixed with National Australia Bank down 0.26 per cent while Westpac, ANZ and the Commonwealth Bank were trading higher between 0.1 per cent and 0.59 per cent.

The consumer staple sector was trading more than one per cent lower with stocks in JB Hi-Fi down 0.86 per cent and Harvey...


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Read more: Australian sharemarket opens lower, pulled down by healthcare, mining stocks - The Australian
Tags: australian,stocks,mining,pulled,sharemarket,opens,healthcare

REA Group makes move into home financing - The Australian

REA Group has made its move into home financing by buying a majority stake in mortgage broker Smartline and securing a broking partnership with National Australia Bank.

The News Corp-controlled group announced on Tuesday it will acquire an 80.3 per cent slice of Smartline, which has 300 advisers and a $25 billion loan book, for $67 million.

The remaining 19.7 per cent shareholding will be retained by the existing management team but could be up for grabs in the future, REA said.

The realestate.com.au owner also announced it has teamed up with National Australia Bank to offer consumers access to the lender's broking service.

The group will launch REA Home Loans this year in a bid to make its business a one-stop-shop for property buys, sales and financing.

The partnership, part of a strategic plan announced in December 2016, will allow consumers to access home loans from NAB, plus a...


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Read more: REA Group makes move into home financing - The Australian
Tags: australian,financing,home,group,move,rea

Calls for federal inquiry into retirement villages amid Aveo scandal - The Sydney Morning Herald

Labor, the Greens and former Australian Competition and Consumer Commission chairman Allan Fels have called on the government to urgently review the retirement village sector following allegations elderly Australians are being ripped off. 

Has Wells Fargo solved its culture problem?

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Has Wells Fargo solved its culture ...

Has Wells Fargo solved its culture problem?

Wells Fargo CEO Tim Sloan comments on the bank's efforts to contain the fallout from a fake-accounts...


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Read more: Calls for federal inquiry into retirement villages amid Aveo scandal - The Sydney Morning Herald
Tags: sydney,morning,herald,scandal,aveo,federal,inquiry,retirement,villages,calls

Census 2016: Fifty years on Australia, it's amazing how much you've changed - The Sydney Morning Herald

We are more Asian, less Christian and more openly gay.

Fifty years and 11.8 million people later, Australia has become unrecognisable from the country portrayed in the 1966 census.

Australia Post appoints Christine Holgate as CEO

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Australia Post appoints Christine Holgate ...

Australia Post appoints Christine Holgate as CEO

New Australia Post boss Christine Holgate sees opportunity to both "defend the postman" and build the future of...


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Read more: Census 2016: Fifty years on Australia, it's amazing how much you've changed - The Sydney Morning...
Tags: changed,sydney,morning,herald,amazing,2016,fifty,years,australia,census

Finance news you need to know today - NEWS.com.au

US sharemarkets ended mixed on Monday. Gains in defensive sectors like utilities and telecommunications rose but technology stocks eased. Economic data was soft but Federal Reserve speakers continued to highlight the need to lift rates in coming months. San Francisco Fed President John Williams said: "If we delay too long, the economy will eventually overheat, causing inflation or some other problem." The Dow Jones rose by almost 15 points or 0.1% after trading higher by 111 points at one stage. The S&P 500 rose by less than 0.1% but the Nasdaq lost 18 points or 0.3%.

Fishing fleets dump about 10 per cent of the fish they catch. Picture: Peter Lorimer

THE Australian market looks set to open flat after both the Dow and the S&P 500 closed steady on Wall Street. At 0700 AEST on Tuesday, the share price futures index was up two points, or 0.04 per cent, at...


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Read more: Finance news you need to know today - NEWS.com.au
Tags: news,today,finance

Wall Street flat as Chinese-backed Yancoal ups bid to buy Rio Tinto's NSW coal mines - ABC Online

Two people in Rio Tinto hats and high vis vests looking out over a mine site.

The Australian share market is set to open flat with Wall Street's mixed performance not providing much of a lead.

Markets at 8:45am (AEST):

  • ASX SPI 200 flat at 5,668
  • AUD: 75.4 US cents, 59.6 British pence, 84.8 Japanese yen, 67.8 euro cents, $NZ1.04
  • US market: Dow Jones +0.1pc at 21,410, S&P 500 flat at 2,439, Nasdaq -0.3pc at 6,247
  • Europe: Euro Stoxx 50 +0.5pc at 3,562, FTSE +0.3pc at 7,447, DAX +0.3pc at 12,771
  • Commodities: Gold -1pc at $US1,243/ounce, Brent crude +0.9 pc at $US45.94, iron ore flat at $U56.75/tonne

The best performing stocks in the US were utilities, telecommunications and banking, but technology shares dragged the market down, particularly, Facebook, Amazon and Alphabet (Google's parent company).

There was also a strong rebound in oil prices overnight, though...


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Read more: Wall Street flat as Chinese-backed Yancoal ups bid to buy Rio Tinto's NSW coal mines - ABC Online
Tags: coal,nsw,tinto,mines,online,abc,rio,buy,flat,street,chinese-backed,yancoal,bid,ups,wall

Australia Post appoints Christine Holgate as chief executive - The Sydney Morning Herald

Blackmores chief executive Christine Holgate will be the new boss at Australia Post.

Ms Holgate takes over from Ahmed Fahour and will start in September.

Network Ten creditors meet

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Network Ten creditors meet

Network Ten creditors meet

Administrators say they believe the company can be recapitalised even without changes to Australian media laws.

ASX winners and losers...


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Read more: Australia Post appoints Christine Holgate as chief executive - The Sydney Morning Herald
Tags: sydney,morning,herald,executive,chief,post,appoints,christine,holgate,australia

QBE Insurance on defensive after ASX queries downgrade timing - The Australian Financial Review

The ASX has raised concerns over the timing of QBE's shock downgrade announcement.

QBE Insurance Group has been forced to defend the timing of its recent shock earnings downgrade announcement which sparked a $2 billion sell-off in the face of ASX questioning about whether the insurer should have disclosed this information to the market earlier.

In response to a letter from the ASX senior adviser for listings, Stephanie So, which asked when the $15.2 billion insurer first became aware of problems in its emerging markets division, QBE group general counsel Carolyn Scobie maintained that the insurer had complied with obligations under the ASX's continuous disclosure rules.

"It was not until a board meeting 21 June. 2017 that the financial condition of each of its global divisions, including the emerging markets division, had been clarified and confirmed and, as a result, the board...


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Read more: QBE Insurance on defensive after ASX queries downgrade timing - The Australian Financial Review
Tags: australian,financial,review,timing,downgrade,insurance,defensive,asx,queries,qbe

China's message to Asia's casinos: place your bets elsewhere - The Sydney Morning Herald

China just sent a clear message to casinos sprouting across Asia: don't peddle your baccarat here.  

A Shanghai court on Monday convicted 19 Crown Resorts current and former staff of illegally promoting gambling on the mainland, handing out prison sentences of as long as 10 months. 

Network Ten creditors meet

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00:45

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Network Ten creditors meet

Network Ten creditors meet

Administrators say they believe the company can be recapitalised even without changes to...


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Read more: China's message to Asia's casinos: place your bets elsewhere - The Sydney Morning Herald
Tags: sydney,morning,herald,bets,place,message,asia,casinos,china

All the changes you need to know for July 1 - Northern Star

IT'S nearly the start of the new financial year, which means, as always, a raft of changes.

From fees and charges to family tax benefits and superannuation, here's how the world will be different starting from July 1, 2017.

POWER PRICES SKYROCKET

Power prices are once again set to skyrocket in NSW, Queensland, South Australia from July 1, with AGL, Origin and EnergyAustralia all announcing big increases of up to 20 per cent following the annual review of prices by the energy regulator.

Combined electricity and gas bills for AGL customers in the ACT will increase by an average of $580, following a 19 per cent and 17 per cent increase, respectively, while NSW households can expect to pay up to $400 a year more.

Customers in South Australia, which already has the nation's most expensive power, will pay an extra $350 to $390 a year. In Queensland, price increases will be less severe,...


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Read more: All the changes you need to know for July 1 - Northern Star
Tags: star,northern,july

What the Census says about Australia: key stats from the data - NEWS.com.au

The latest census figures have been released.

AUSTRALIANS are getting older, turning their backs on religion and welcoming more migrants from Asia than from Europe.

Results of the 2016 Census, which was infamously disrupted by cyber attacks, were officially released in Canberra today.

They paint a picture of a changing nation, shining a light on migration, household composition, ageing and religious affiliation.

Here are the key findings.

AUSSIES DITCHING RELIGION

The number of people who identify as Christian has dropped dramatically since the 1990s and the number of people doing away with religion all together is on the rise.

Are Australians doing away with religion? The latest Census results seem to indicate we are.

Are Australians doing away with religion? The latest Census results seem to indicate we are.Source:Getty Images

Just over half of Australians now say they are Christian, compared to 74 per cent in 1991, the 2016 Census shows.

Meanwhile, the number of...


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Read more: What the Census says about Australia: key stats from the data - NEWS.com.au
Tags: news,data,stats,australia,key,census

AirAsia faces fresh probe after troubled Perth-Kuala Lumpur flight - ABC Online

The "technical issue" responsible for causing a mid-air drama on an AirAsia X flight from Perth to Kuala Lumpur was just the latest safety incident involving the low-cost airline.

Some aviation experts have urged caution as an investigation is carried out into what exactly went wrong on the flight, described by one passenger as like being in a "washing machine".

"When you look at the number of aircraft movements every day, these [events] aren't one particular airline," aviation consultant Trevor Jenson said.

"It is not unreasonable to [expect that], in the amount of hours that are flown, you do get these events. They are well and truly within the probabilities of millions of millions.

"They are unusual events, they all have to be carefully investigated, [but] the great thing about aviation is we learn the lessons, that is why it is the safest means of...


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Read more: AirAsia faces fresh probe after troubled Perth-Kuala Lumpur flight - ABC Online
Tags: flight,abc,online,lumpur,perth-kuala,faces,fresh,probe,troubled,airasia

Westpac forced to remove payment feature from iPhone app - Computerworld Australia

Westpac has claimed that Apple has forced the bank to remove a major feature from its iPhone mobile banking app.

The Westpac Keyboard feature allowed the bank’s customers to share bank account details and pay individuals from within apps such as Facebook Messenger and WhatsApp that allow the use of third-party keyboards.

“We can confirm that the free keyboard feature that enabled customers to transfer money through social media applications will not be included in our next software update in July,” a spokesperson for the bank said.

“The Keyboard was originally approved but we were later notified that it was not suitable for the App Store. This is disappointing for us and the thousands of customers who are currently using it.”

“We apologies to our customers for any inconvenience caused and thank them for their continued support,” the spokesperson said.


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Read more: Westpac forced to remove payment feature from iPhone app - Computerworld Australia
Tags: app,computerworld,australia,iphone,feature,forced,remove,payment,westpac

Markets Live: ASX rally sputters - The Sydney Morning Herald

And that's it for Markets Live for today.

Thanks for reading and for your comments.

For those who prefer pictures to words, below is a nice graphical summary of the day's action on the ASX.

See you all again tomorrow morning from 9.

market close

Shares revved up early only to quickly run out of gas and then putter through the rest of the day in first gear.

The ASX 200 added 4 points to close at 5720 after going as high as 5749 no long after the start if trade. The Aussie dollar pushed a bit higher to 75.8 US cents, while the Brent crude oil price continued its recovery through the session, climbing 1.1 per cent$US46.02 a barrel.

A mixed performance in the big banks and CSL and Telstra swinging from gains to losses flattened the day's performance. ANZ and CBA ended up around 0.3 per cent, while Westpac was down by a similar margin and NAB was off 0.5 per cent.

QBE's 2.2 per cent drop was a...


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Read more: Markets Live: ASX rally sputters - The Sydney Morning Herald
Tags: sydney,morning,herald,sputters,live,asx,rally,markets

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Markets Stock

Loading
Chart
o Dow Jones Ind. Avg. 21,409.55 ▲14.79 (0.07%)
o All Ordinaries A$5,752.50 ▼5.90 (-0.10%)
o NASDAQ 100 Index 5,777.59 ▼25.52 (-0.44%)
o S&P 500 Index 2,439.07 ▲0.77 (0.03%)
INDEXDJX:.DJI

Dow Jones Ind. Avg.

Company ID [INDEXDJX:.DJI] Last trade:21,409.55 Trade time:4:52PM EDT Value change:▲14.79 (0.07%)
INDEXASX:XAO

All Ordinaries

Company ID [INDEXASX:XAO] Last trade:A$5,752.50 Trade time:4:35PM GMT+10 Value change:▼5.90 (-0.10%)
INDEXNASDAQ:NDX

NASDAQ 100 Index

Company ID [INDEXNASDAQ:NDX] Last trade:5,777.59 Trade time:5:15PM EDT Value change:▼25.52 (-0.44%)
INDEXSP:.INX

S&P 500 Index

Company ID [INDEXSP:.INX] Last trade:2,439.07 Trade time:4:52PM EDT Value change:▲0.77 (0.03%)

Markets OIL & GAS

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Chart
o Oil 4.56 ▲0.06 (1.33%)
o Gas 65.97 (%)
NYSE:OIL

Oil

Company ID [NYSE:OIL] Last trade:4.56 Trade time:8:00PM EDT Value change:▲0.06 (1.33%)
NYSE:GAS

Gas

Company ID [NYSE:GAS] Last trade:65.97 Trade time:4:03PM EDT Value change: (%)

Markets Currency

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o Australian Dollar Trst 75.89 ▲0.13 (0.17%)
o Brit Pound Ster. Trst 123.86 ▼0.05 (-0.04%)
o Euro Trst 108.15 ▼0.21 (-0.19%)
o Japanese Yen Trust 86.00 ▼0.49 (-0.57%)
NYSEARCA:FXA

Australian Dollar Trst

Company ID [NYSEARCA:FXA] Last trade:75.89 Trade time:8:00PM EDT Value change:▲0.13 (0.17%)
NYSEARCA:FXB

Brit Pound Ster. Trst

Company ID [NYSEARCA:FXB] Last trade:123.86 Trade time:8:00PM EDT Value change:▼0.05 (-0.04%)
NYSEARCA:FXE

Euro Trst

Company ID [NYSEARCA:FXE] Last trade:108.15 Trade time:8:00PM EDT Value change:▼0.21 (-0.19%)
NYSEARCA:FXY

Japanese Yen Trust

Company ID [NYSEARCA:FXY] Last trade:86.00 Trade time:8:00PM EDT Value change:▼0.49 (-0.57%)

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