AdviserVoiceNews + Outlook Archives - AdviserVoice https://www.adviservoice.com.au/section/news-outlook/ Financial planner information & financial planner education/CPD - AdviserVoice Tue, 28 Jul 2026 21:30:46 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.2 The economics of happiness – why it’s been falling and what to do about it? https://www.adviservoice.com.au/2026/07/the-economics-of-happiness-why-its-been-falling-and-what-to-do-about-it/ https://www.adviservoice.com.au/2026/07/the-economics-of-happiness-why-its-been-falling-and-what-to-do-about-it/#respond Tue, 28 Jul 2026 21:30:46 +0000 https://www.adviservoice.com.au/?p=112860

Shane Oliver

Key points

  • Despite rising GDP per person, measures of happiness have been flat to falling in western countries including Australia.
  • Key drivers are likely to be rising expectations, the rise of social media and falling housing affordability.
  • It may be driving the rise of extreme political parties.
  • Some suggest we are on an “hedonic treadmill” and want a broader policy focus on something like Gross National Happiness, but by suppressing individual freedom and achievement this could in turn depress happiness.

Introduction

The pursuit of happiness is at the centre of our existence. Along with life and liberty it’s even a central idea upon which the US was founded. And rightly so because happiness is good for us – happy people live longer, are healthier, more resilient, more creative, better leaders and more sociable. And happy countries are less likely to wage war with other countries.

This is where economics comes in. The basic “economic problem” which economics is focussed on solving is: how to maximise utility or satisfaction when human wants are unlimited but resources available to satisfy those wants are limited. Of course, utility is basically happiness, so economics is all about happiness. To borrow from the Dalai Lama, it may be said that economics is really the “art of happiness”. But in the absence of definitive measures of happiness, economists long assumed that consumer spending per person or GDP per person are good proxies which ultimately led economics down a path of focussing on material wellbeing.

The problem is that over the last two decades, despite rising measures of material well-being, measures of happiness have been flat or falling in many developed countries. Indeed, the decline in happiness may be contributing to the rise in support for populist more extreme political leaders, like Trump in the US, and parties like in Australia with One Nation.

Material prosperity has surged

The 19th century saw the start of rapid global economic growth. This really took off in the 20th century as innovations such as electricity, the internal combustion engine and silicon chips came together to rapidly boost productivity. Consequently, real income or Gross Domestic Product (GDP) per person surged.  This in turn led to a massive rise in material prosperity, eg, with: big climate-controlled homes; high speed affordable travel; a high quality and variety of food; a huge array of goods; much longer lives; and instant communication & entertainment. While living standards in Australia may have fallen in the last five years, Australians are substantially better off materially compared to 25 or 50 years ago (see here).

But happiness has been stagnant in recent decades

The next chart compares income and happiness – as measured by surveys of how people see the quality of their lives. People in rich countries are mostly happier than those in poor countries. According to the 2026 World Happiness Report Finland ranks #1 as the happiest, Australia ranks #15 with the US at #23. Lebanon, Zimbabwe and Afghanistan are at the bottom. However, there are diminishing returns to income. At lower levels, extra income can have a big positive impact. But for countries beyond a certain level (around $US50,000), extra income has little impact. Eg, income levels in Switzerland are nearly double NZ but happiness is the same.

What’s more, despite a huge surge in material prosperity there is little evidence that happiness levels in developed countries have improved in the last fifty years. This is illustrated in the chart below for the US which shows the percentage of people who say they are “very happy”, versus real GDP per person. As income has gone up, happiness has gone down.

It’s a similar for Australia – a rising trend in income but falling happiness.

In general, the 2026 World Happiness Report finds that several western countries have seen flat to declining happiness over the last 15 years.

Other findings from the happiness studies are as follows:

  • Rich people are happier than poor people, but people compare themselves to others (“keeping up with the Joneses”) so if average incomes rise, they may be no happier.
  • Younger people in anglo countries are the least happy. This appears due to the rise of social media driving more anxiety and depression.
  • Physical and outdoor leisure, shopping, reading books, seeing relatives, listening to music and attending sporting and cultural events are associated with higher happiness. Time on the internet is not – the higher the rate of social media use the lower the level of happiness.
  • Freedom to make life choices contributes to happiness.
  • People adapt to their situation: evidence shows we are born with a genetically pre-set level of happiness to which we return to after good events (like winning the lottery) and bad (like having an accident).

Why has happiness fallen?

Explanations for the declining trend in happiness over the last twenty years include: increasing stress associated with the rising complexity of life (e.g. more choices); increasing pressure to “keep up with the Joneses”; rising expectations; falling housing affordability; the rising use of social media contributing to a decline in real human interaction and magnifying grievance and feelings of inadequacy. In particular, some have claimed that most people are on an “hedonic treadmill” of working ever harder to attain material wealth in the belief this will make them happier only to find it doesn’t but resolving to work even harder!

Why not ditch GDP for Gross National Happiness?

These findings present a challenge for economists. If GDP, income and consumption are positively correlated with happiness, then policies to boost economic growth will boost happiness. But, if not, this may be misplaced so some argue economic policy needs to be refocused on broader measures of wellbeing such as Gross National Happiness. This would mean a radical change in economic policy with proposals to boost happiness like: taxing or banning excessive work; re-distributing more income and wealth (because inequality leads to envy and keeps people on the “hedonic treadmill”); reducing the focus on competition and rivalry; spending more money on public goods such as parks; refocussing on community; limiting advertising to information to avoid creating demand for stuff we don’t need; and regulating access to social media.

However, in reality it’s never that simple and there are good reasons to be sceptical of proposals for government policy to target happiness:

  • Nationally determined concepts of happiness could be used to justify religious or ethnic persecution and to advance authoritarian aims.
  • Just because we get used to something doesn’t mean we should stop doing it. Rising material wealth may not permanently boost happiness beyond a certain level as we adapt to it. But just because the huge increase in healthy lifespans or overseas holidays hasn’t boosted happiness does not mean we should cut health spending & ban travel.
  • While material progress may not be boosting happiness, it is doubtful stagnation will either. Curiosity and the desire to advance are fundamental to humanity. Policies to supress them may reduce happiness, by taking away satisfaction derived from achievement.
  • Restricting choice in favour of officially mandated happiness guidelines may actually reduce happiness as evidence suggests that freedom to make life choices contributes to happiness.
  • Finally, we are partly dealing here with the outworking of success including the rise of social media. Affluence has given people in rich countries the time and money to think about things which can sometimes make them less happy (“too much time on their hands!”) Finding better ways to live with the success, including social media – a bit like the rules around driving cars – is better than reversing it.

There is a danger in trying to legislate for happiness. There is nothing new in the concept that material wealth beyond basic needs won’t lead to lasting happiness. Most religions have long been pointing it out. Buddha observed that most human suffering comes from desire (the Four Noble Truths) and this has to be controlled (with The Eightfold Path) to achieve happiness.  But seeking happiness and enlightenment is up to individuals, not the state (or government). Maybe as Thomas Jefferson implied, happiness is something we have to “pursue”! And the state’s role is to enable that pursuit, while protecting the rights of all other citizens to the do the same.

By Dr Shane Oliver, Head of Investment Strategy and Chief Economist, AMP

]]>

Shane Oliver

Key points

  • Despite rising GDP per person, measures of happiness have been flat to falling in western countries including Australia.
  • Key drivers are likely to be rising expectations, the rise of social media and falling housing affordability.
  • It may be driving the rise of extreme political parties.
  • Some suggest we are on an “hedonic treadmill” and want a broader policy focus on something like Gross National Happiness, but by suppressing individual freedom and achievement this could in turn depress happiness.

Introduction

The pursuit of happiness is at the centre of our existence. Along with life and liberty it’s even a central idea upon which the US was founded. And rightly so because happiness is good for us – happy people live longer, are healthier, more resilient, more creative, better leaders and more sociable. And happy countries are less likely to wage war with other countries.

This is where economics comes in. The basic “economic problem” which economics is focussed on solving is: how to maximise utility or satisfaction when human wants are unlimited but resources available to satisfy those wants are limited. Of course, utility is basically happiness, so economics is all about happiness. To borrow from the Dalai Lama, it may be said that economics is really the “art of happiness”. But in the absence of definitive measures of happiness, economists long assumed that consumer spending per person or GDP per person are good proxies which ultimately led economics down a path of focussing on material wellbeing.

The problem is that over the last two decades, despite rising measures of material well-being, measures of happiness have been flat or falling in many developed countries. Indeed, the decline in happiness may be contributing to the rise in support for populist more extreme political leaders, like Trump in the US, and parties like in Australia with One Nation.

Material prosperity has surged

The 19th century saw the start of rapid global economic growth. This really took off in the 20th century as innovations such as electricity, the internal combustion engine and silicon chips came together to rapidly boost productivity. Consequently, real income or Gross Domestic Product (GDP) per person surged.  This in turn led to a massive rise in material prosperity, eg, with: big climate-controlled homes; high speed affordable travel; a high quality and variety of food; a huge array of goods; much longer lives; and instant communication & entertainment. While living standards in Australia may have fallen in the last five years, Australians are substantially better off materially compared to 25 or 50 years ago (see here).

But happiness has been stagnant in recent decades

The next chart compares income and happiness – as measured by surveys of how people see the quality of their lives. People in rich countries are mostly happier than those in poor countries. According to the 2026 World Happiness Report Finland ranks #1 as the happiest, Australia ranks #15 with the US at #23. Lebanon, Zimbabwe and Afghanistan are at the bottom. However, there are diminishing returns to income. At lower levels, extra income can have a big positive impact. But for countries beyond a certain level (around $US50,000), extra income has little impact. Eg, income levels in Switzerland are nearly double NZ but happiness is the same.

What’s more, despite a huge surge in material prosperity there is little evidence that happiness levels in developed countries have improved in the last fifty years. This is illustrated in the chart below for the US which shows the percentage of people who say they are “very happy”, versus real GDP per person. As income has gone up, happiness has gone down.

It’s a similar for Australia – a rising trend in income but falling happiness.

In general, the 2026 World Happiness Report finds that several western countries have seen flat to declining happiness over the last 15 years.

Other findings from the happiness studies are as follows:

  • Rich people are happier than poor people, but people compare themselves to others (“keeping up with the Joneses”) so if average incomes rise, they may be no happier.
  • Younger people in anglo countries are the least happy. This appears due to the rise of social media driving more anxiety and depression.
  • Physical and outdoor leisure, shopping, reading books, seeing relatives, listening to music and attending sporting and cultural events are associated with higher happiness. Time on the internet is not – the higher the rate of social media use the lower the level of happiness.
  • Freedom to make life choices contributes to happiness.
  • People adapt to their situation: evidence shows we are born with a genetically pre-set level of happiness to which we return to after good events (like winning the lottery) and bad (like having an accident).

Why has happiness fallen?

Explanations for the declining trend in happiness over the last twenty years include: increasing stress associated with the rising complexity of life (e.g. more choices); increasing pressure to “keep up with the Joneses”; rising expectations; falling housing affordability; the rising use of social media contributing to a decline in real human interaction and magnifying grievance and feelings of inadequacy. In particular, some have claimed that most people are on an “hedonic treadmill” of working ever harder to attain material wealth in the belief this will make them happier only to find it doesn’t but resolving to work even harder!

Why not ditch GDP for Gross National Happiness?

These findings present a challenge for economists. If GDP, income and consumption are positively correlated with happiness, then policies to boost economic growth will boost happiness. But, if not, this may be misplaced so some argue economic policy needs to be refocused on broader measures of wellbeing such as Gross National Happiness. This would mean a radical change in economic policy with proposals to boost happiness like: taxing or banning excessive work; re-distributing more income and wealth (because inequality leads to envy and keeps people on the “hedonic treadmill”); reducing the focus on competition and rivalry; spending more money on public goods such as parks; refocussing on community; limiting advertising to information to avoid creating demand for stuff we don’t need; and regulating access to social media.

However, in reality it’s never that simple and there are good reasons to be sceptical of proposals for government policy to target happiness:

  • Nationally determined concepts of happiness could be used to justify religious or ethnic persecution and to advance authoritarian aims.
  • Just because we get used to something doesn’t mean we should stop doing it. Rising material wealth may not permanently boost happiness beyond a certain level as we adapt to it. But just because the huge increase in healthy lifespans or overseas holidays hasn’t boosted happiness does not mean we should cut health spending & ban travel.
  • While material progress may not be boosting happiness, it is doubtful stagnation will either. Curiosity and the desire to advance are fundamental to humanity. Policies to supress them may reduce happiness, by taking away satisfaction derived from achievement.
  • Restricting choice in favour of officially mandated happiness guidelines may actually reduce happiness as evidence suggests that freedom to make life choices contributes to happiness.
  • Finally, we are partly dealing here with the outworking of success including the rise of social media. Affluence has given people in rich countries the time and money to think about things which can sometimes make them less happy (“too much time on their hands!”) Finding better ways to live with the success, including social media – a bit like the rules around driving cars – is better than reversing it.

There is a danger in trying to legislate for happiness. There is nothing new in the concept that material wealth beyond basic needs won’t lead to lasting happiness. Most religions have long been pointing it out. Buddha observed that most human suffering comes from desire (the Four Noble Truths) and this has to be controlled (with The Eightfold Path) to achieve happiness.  But seeking happiness and enlightenment is up to individuals, not the state (or government). Maybe as Thomas Jefferson implied, happiness is something we have to “pursue”! And the state’s role is to enable that pursuit, while protecting the rights of all other citizens to the do the same.

By Dr Shane Oliver, Head of Investment Strategy and Chief Economist, AMP

The post The economics of happiness – why it’s been falling and what to do about it? appeared first on AdviserVoice.

]]> https://www.adviservoice.com.au/2026/07/the-economics-of-happiness-why-its-been-falling-and-what-to-do-about-it/feed/ 0 Apostle appoints Jeff Peters as Chief Executive Officer https://www.adviservoice.com.au/2026/07/apostle-appoints-jeff-peters-as-chief-executive-officer/ https://www.adviservoice.com.au/2026/07/apostle-appoints-jeff-peters-as-chief-executive-officer/#respond Tue, 28 Jul 2026 21:25:42 +0000 https://www.adviservoice.com.au/?p=112846 Apostle Funds Management (Apostle) has appointed Jeff Peters as Chief Executive Officer (CEO), bringing more than three decades of global asset management leadership experience to further strengthen the firm’s leadership and lead its long-term strategy. Mr Peters will commence on 20 August 2026.

Prior to joining Apostle, Mr Peters held senior leadership positions at McKinsey & Company, Putnam Investments, Columbia Threadneedle Investments and, most recently, served as Chief Executive Officer of Platinum Asset Management. Across North America, Europe, Asia and Australia, he has led global investment businesses, built institutional client relationships, driven distribution growth and guided organisations through periods of strategic transformation.

As CEO, Mr Peters will lead the day-to-day management of Apostle, working closely with the Board, clients and investment partners to execute the firm’s long-term strategy, strengthen its organisational capability and support the continued development of its investment offering.

Mr Peters’ appointment supports Apostle’s long-term growth strategy by adding significant experience and capability to its executive leadership team. It follows the firm’s recent partnership with European investment firm, Triton Partners.

Apostle Executive Chair Karyn West said Mr Peters’ appointment reflected the firm’s long-term strategy of investing in experienced leadership to support its continued evolution.

“Apostle has continued to strengthen its investment offering through new investment partnerships and Jeff’s appointment builds on that momentum, reflecting our commitment to ensuring the business has the leadership breadth and experience to support its long-term strategy.

“He brings an exceptional depth of global asset management experience, having successfully led investment organisations through periods of growth, transformation and industry change. His knowledge, commercial judgement and client-first approach make him ideally placed to lead Apostle into its next phase.

“Our focus remains on delivering outstanding outcomes for our clients while maintaining the disciplined, partnership-driven approach that has underpinned Apostle for more than 18 years.”

Mr Peters said Apostle was well positioned for its next stage of growth.

“Apostle has built a strong reputation for identifying high-quality global investment partners and delivering differentiated investment solutions to institutional and wholesale investors across Australia and New Zealand.

“As investor needs continue to evolve, Apostle is well positioned to connect investors with specialist global investment capabilities through its disciplined, partnership-led approach. I look forward to working alongside Karyn, the Board and the broader team to build on those strengths, deepen relationships with our clients and investment partners, and continue delivering long-term value.”

]]> Apostle Funds Management (Apostle) has appointed Jeff Peters as Chief Executive Officer (CEO), bringing more than three decades of global asset management leadership experience to further strengthen the firm’s leadership and lead its long-term strategy. Mr Peters will commence on 20 August 2026.

Prior to joining Apostle, Mr Peters held senior leadership positions at McKinsey & Company, Putnam Investments, Columbia Threadneedle Investments and, most recently, served as Chief Executive Officer of Platinum Asset Management. Across North America, Europe, Asia and Australia, he has led global investment businesses, built institutional client relationships, driven distribution growth and guided organisations through periods of strategic transformation.

As CEO, Mr Peters will lead the day-to-day management of Apostle, working closely with the Board, clients and investment partners to execute the firm’s long-term strategy, strengthen its organisational capability and support the continued development of its investment offering.

Mr Peters’ appointment supports Apostle’s long-term growth strategy by adding significant experience and capability to its executive leadership team. It follows the firm’s recent partnership with European investment firm, Triton Partners.

Apostle Executive Chair Karyn West said Mr Peters’ appointment reflected the firm’s long-term strategy of investing in experienced leadership to support its continued evolution.

“Apostle has continued to strengthen its investment offering through new investment partnerships and Jeff’s appointment builds on that momentum, reflecting our commitment to ensuring the business has the leadership breadth and experience to support its long-term strategy.

“He brings an exceptional depth of global asset management experience, having successfully led investment organisations through periods of growth, transformation and industry change. His knowledge, commercial judgement and client-first approach make him ideally placed to lead Apostle into its next phase.

“Our focus remains on delivering outstanding outcomes for our clients while maintaining the disciplined, partnership-driven approach that has underpinned Apostle for more than 18 years.”

Mr Peters said Apostle was well positioned for its next stage of growth.

“Apostle has built a strong reputation for identifying high-quality global investment partners and delivering differentiated investment solutions to institutional and wholesale investors across Australia and New Zealand.

“As investor needs continue to evolve, Apostle is well positioned to connect investors with specialist global investment capabilities through its disciplined, partnership-led approach. I look forward to working alongside Karyn, the Board and the broader team to build on those strengths, deepen relationships with our clients and investment partners, and continue delivering long-term value.”

The post Apostle appoints Jeff Peters as Chief Executive Officer appeared first on AdviserVoice.

]]> https://www.adviservoice.com.au/2026/07/apostle-appoints-jeff-peters-as-chief-executive-officer/feed/ 0 Warakirri expands distribution team with Head of Wholesale appointment https://www.adviservoice.com.au/2026/07/warakirri-expands-distribution-team-with-head-of-wholesale-appointment/ https://www.adviservoice.com.au/2026/07/warakirri-expands-distribution-team-with-head-of-wholesale-appointment/#respond Tue, 28 Jul 2026 21:15:55 +0000 https://www.adviservoice.com.au/?p=112852

Mani Papakonstantinos

Multi boutique funds manager Warakirri Asset Management, has announced the appointment of Emmanuel (Mani) Papakonstantinos as Head of Wholesale, whose focus will be on leading the expansion of the firm’s market presence and relationships with consultants, key dealer groups and platforms.

Reporting to Warakirri’s Head of Distribution, Stuart Devlin, Mr. Papakonstantinos joins the firm as it continues to broaden its distribution footprint alongside the addition of new investment capabilities to its line-up. 

Most recently, Warakirri announced that it had partnered with integrated property company LongView to help distribute the second iteration of its Australian residential home equity investments fund which provides exposure to established residential property without requiring investors to purchase individual property outright.  This follows the firm’s launch of a Global Small Companies Fund in the second half of 2025 in conjunction with San Diego (US) based ClariVest Asset Management.

Mani brings to the role 20 years of experience in financial services working across financial advice, business development and investment research. He joins Warakirri from Copia Investment Partners where he was a senior member of the distribution team.  He has also worked in distribution roles at SG Hiscock and Company and Equity Trustees and in investment research roles at AMP and AXA Australia. 

Stuart Devlin, Head of Distribution said, “We’re delighted to have someone of Mani’s calibre and depth of client relationships join our team as we continue our focus on building Warakirri’s relationships with family offices, financial advice practices, researchers and High Net Worth clients.”

“Mani’s strong network, coupled with his significant experience across key facets of the advice market, will play an important role as we work closely with our clients on delivering various investment solutions tailored to the evolving needs of the portfolio construction community,” he added.

]]>

Mani Papakonstantinos

Multi boutique funds manager Warakirri Asset Management, has announced the appointment of Emmanuel (Mani) Papakonstantinos as Head of Wholesale, whose focus will be on leading the expansion of the firm’s market presence and relationships with consultants, key dealer groups and platforms.

Reporting to Warakirri’s Head of Distribution, Stuart Devlin, Mr. Papakonstantinos joins the firm as it continues to broaden its distribution footprint alongside the addition of new investment capabilities to its line-up. 

Most recently, Warakirri announced that it had partnered with integrated property company LongView to help distribute the second iteration of its Australian residential home equity investments fund which provides exposure to established residential property without requiring investors to purchase individual property outright.  This follows the firm’s launch of a Global Small Companies Fund in the second half of 2025 in conjunction with San Diego (US) based ClariVest Asset Management.

Mani brings to the role 20 years of experience in financial services working across financial advice, business development and investment research. He joins Warakirri from Copia Investment Partners where he was a senior member of the distribution team.  He has also worked in distribution roles at SG Hiscock and Company and Equity Trustees and in investment research roles at AMP and AXA Australia. 

Stuart Devlin, Head of Distribution said, “We’re delighted to have someone of Mani’s calibre and depth of client relationships join our team as we continue our focus on building Warakirri’s relationships with family offices, financial advice practices, researchers and High Net Worth clients.”

“Mani’s strong network, coupled with his significant experience across key facets of the advice market, will play an important role as we work closely with our clients on delivering various investment solutions tailored to the evolving needs of the portfolio construction community,” he added.

The post Warakirri expands distribution team with Head of Wholesale appointment appeared first on AdviserVoice.

]]> https://www.adviservoice.com.au/2026/07/warakirri-expands-distribution-team-with-head-of-wholesale-appointment/feed/ 0 ANZIIF expands short course offering to address AI and cyber risk  https://www.adviservoice.com.au/2026/07/anziif-expands-short-course-offering-to-address-ai-and-cyber-risk/ https://www.adviservoice.com.au/2026/07/anziif-expands-short-course-offering-to-address-ai-and-cyber-risk/#respond Mon, 27 Jul 2026 21:30:35 +0000 https://www.adviservoice.com.au/?p=112827

Katrina Shanks

 ANZIIF has expanded its professional development offering to help insurance professionals build practical capability in AI and cyber risk, two of the industry’s fastest-moving areas. The expansion includes a new trilogy of short courses in AI, alongside a new short course in cyber risk.

The AI trilogy offers a structured pathway to build capability in how AI should be assessed, governed and applied responsibly, while a new short course in cyber risk equips professionals to recognise, prevent and respond to today’s most pressing threats.

Katrina Shanks, CEO of ANZIIF, says these new short courses respond to a clear need for practical, industry-specific education as both risk areas accelerate.

“As AI becomes embedded in everyday decision-making, professionals need more than general awareness, they need the practical skills to assess data, apply governance standards and manage risk with confidence,” Shanks says.

“This trilogy gives insurance professionals a clear, structured pathway to build that capability, whether they’re just starting to engage with AI governance or looking to deepen existing expertise. Paired with our new cyber risk course, it means the industry now has practical tools across two of its fastest-moving risk areas.”

The AI trilogy

  • Understanding data-centric AI examines how data quality, bias, privacy and security shape AI performance, risk and accountability.
  • Understanding the Artificial Intelligence management system standard explores the principles behind responsible AI governance, including impact assessments, risk management and practical application of the Standard.
  • Developing responsible AI systems looks at how to support safe, fair and inclusive AI systems across the AI lifecycle, helping learners identify technical and ethical risks.

Cyber Risk

  • Cyber risk: What insurance professionals need to know covers the drivers behind rising cyber attacks, common threats and warning signs, and practical strategies to help clients prevent, respond to and recover from cyber incidents.
]]>

Katrina Shanks

 ANZIIF has expanded its professional development offering to help insurance professionals build practical capability in AI and cyber risk, two of the industry’s fastest-moving areas. The expansion includes a new trilogy of short courses in AI, alongside a new short course in cyber risk.

The AI trilogy offers a structured pathway to build capability in how AI should be assessed, governed and applied responsibly, while a new short course in cyber risk equips professionals to recognise, prevent and respond to today’s most pressing threats.

Katrina Shanks, CEO of ANZIIF, says these new short courses respond to a clear need for practical, industry-specific education as both risk areas accelerate.

“As AI becomes embedded in everyday decision-making, professionals need more than general awareness, they need the practical skills to assess data, apply governance standards and manage risk with confidence,” Shanks says.

“This trilogy gives insurance professionals a clear, structured pathway to build that capability, whether they’re just starting to engage with AI governance or looking to deepen existing expertise. Paired with our new cyber risk course, it means the industry now has practical tools across two of its fastest-moving risk areas.”

The AI trilogy

  • Understanding data-centric AI examines how data quality, bias, privacy and security shape AI performance, risk and accountability.
  • Understanding the Artificial Intelligence management system standard explores the principles behind responsible AI governance, including impact assessments, risk management and practical application of the Standard.
  • Developing responsible AI systems looks at how to support safe, fair and inclusive AI systems across the AI lifecycle, helping learners identify technical and ethical risks.

Cyber Risk

  • Cyber risk: What insurance professionals need to know covers the drivers behind rising cyber attacks, common threats and warning signs, and practical strategies to help clients prevent, respond to and recover from cyber incidents.

The post ANZIIF expands short course offering to address AI and cyber risk  appeared first on AdviserVoice.

]]> https://www.adviservoice.com.au/2026/07/anziif-expands-short-course-offering-to-address-ai-and-cyber-risk/feed/ 0 Zurich Australia life claims appointment https://www.adviservoice.com.au/2026/07/zurich-australia-life-claims-appointment/ https://www.adviservoice.com.au/2026/07/zurich-australia-life-claims-appointment/#respond Mon, 27 Jul 2026 21:15:51 +0000 https://www.adviservoice.com.au/?p=112831

Fifita Ngaue

Zurich Financial Services Australia (Zurich) has announced the appointment of Fifita Ngaue to the role of Senior Head of Retail Life Claims, Australia.

Ms Ngaue joins Zurich from MetLife, where she is currently Head of Claims and responsible for driving performance, claims experience and innovation. Prior to this, she has held several roles across Macquarie, CommInsure and Zurich.

In her new role, Ms Ngaue will lead the transformation of Zurich’s growing life insurance claims team, including delivering ongoing improvements to the claims experience and investing in digital solutions.

Matt Paterson, Chief Claims Officer at Zurich said: “As Zurich continues to grow, it is critical we invest in strong leadership capability across our claims function.”

“Fifita brings a wealth of claims expertise to this role and has a track record for delivering great customer outcomes. We look forward to the energy and experience she will bring to the team,” Mr Paterson said.

Ms Ngaue said: “I’m excited to be returning to Zurich at such a significant time in the business. Claims is at the heart of what we do for customers, and I look forward to working with the team to drive meaningful improvements to the claims experience and accelerate our digital capabilities.”

Ms Ngaue will commence in the role on 10 August 2026.

]]>

Fifita Ngaue

Zurich Financial Services Australia (Zurich) has announced the appointment of Fifita Ngaue to the role of Senior Head of Retail Life Claims, Australia.

Ms Ngaue joins Zurich from MetLife, where she is currently Head of Claims and responsible for driving performance, claims experience and innovation. Prior to this, she has held several roles across Macquarie, CommInsure and Zurich.

In her new role, Ms Ngaue will lead the transformation of Zurich’s growing life insurance claims team, including delivering ongoing improvements to the claims experience and investing in digital solutions.

Matt Paterson, Chief Claims Officer at Zurich said: “As Zurich continues to grow, it is critical we invest in strong leadership capability across our claims function.”

“Fifita brings a wealth of claims expertise to this role and has a track record for delivering great customer outcomes. We look forward to the energy and experience she will bring to the team,” Mr Paterson said.

Ms Ngaue said: “I’m excited to be returning to Zurich at such a significant time in the business. Claims is at the heart of what we do for customers, and I look forward to working with the team to drive meaningful improvements to the claims experience and accelerate our digital capabilities.”

Ms Ngaue will commence in the role on 10 August 2026.

The post Zurich Australia life claims appointment appeared first on AdviserVoice.

]]> https://www.adviservoice.com.au/2026/07/zurich-australia-life-claims-appointment/feed/ 0 Icana.AI helps Finance One strengthen compliance by identifying the customer calls that matter most  https://www.adviservoice.com.au/2026/07/icana-ai-helps-finance-one-strengthen-compliance-by-identifying-the-customer-calls-that-matter-most/ https://www.adviservoice.com.au/2026/07/icana-ai-helps-finance-one-strengthen-compliance-by-identifying-the-customer-calls-that-matter-most/#respond Mon, 27 Jul 2026 21:05:16 +0000 https://www.adviservoice.com.au/?p=112820

Erik van Eekelen

Australian AI company Icana.AI has helped financial services provider Finance One transform its customer quality assurance program, using artificial intelligence to analyse every customer conversation and automatically identify the interactions that require review, helping improve process compliance, coaching and customer experience.

Finance One deployed Icana.AI’s AI-powered CallCoach platform to replace traditional manual quality assurance, where typically fewer than two per cent of customer calls are reviewed. The platform now analyses every customer interaction, automatically flagging conversations where customers may be vulnerable, required processes may have been missed, compliance risks emerge or coaching opportunities exist.

For organisations handling large volumes of sensitive customer conversations, this means leaders no longer need to rely on random sampling or spend hours reviewing recordings. Instead, they can focus their time on the interactions that present the greatest coaching opportunities, compliance risks or examples of best practice.

Since implementation, CallCoach has analysed more than 300,000 customer calls for Finance One, representing more than 33,000 hours of customer conversations, delivering measurable improvements across key operational and customer service metrics.

Results include:

  • 42% improvement in adherence to the Finance One hardship processes, helping ensure customers experiencing financial difficulty received timely and consistent support.
  • 48% improvement in compliance with internal guidelines for sensitive customer data.
  • 42% improvement in adherence to customer query processes.
  • 14% improvement in tone-of-voice consistency.

Icana.AI Chief Executive Officer Erik van Eekelen said most organisations were operating with significant blind spots because manual quality assurance captures only a tiny fraction of customer interactions.

“Every day, contact centres generate an enormous amount of customer intelligence, yet because most organisations review only a small sample of conversations, important coaching opportunities, compliance risks and customer insights often go unnoticed,” van Eekelen said.

“Listening to every call is only part of the equation. The real value comes from helping leaders identify the conversations that need their attention.”

“Rather than asking managers to spend hours listening to recordings, CallCoach automatically surfaces the conversations that matter most, whether that’s a customer who may need additional support, a compliance issue that requires review or an example of exceptional service that can be shared with the wider team.”

Finance One Chief Information Officer Chris Doyle said moving from manual sampling to analysing every customer interaction had fundamentally changed how the organisation supports both customers and employees.

“Instead of manually searching for coaching opportunities, our leaders are immediately directed to the conversations that need their attention. Whether it’s identifying where a hardship process wasn’t followed, recognising an agent who handled a difficult conversation exceptionally well or supporting someone who needs coaching, our leaders can spend more time coaching people and less time searching for the right conversations,” said Doyle.

“The result has been greater consistency, stronger compliance and better support for customers, particularly those experiencing financial hardship.”

Van Eekelen said the collaboration demonstrates how AI can reshape customer operations beyond simple automation.

“AI – when used responsibly within well designed frameworks – enables organisations to improve customer outcomes, strengthen compliance and make better operational decisions using insights that simply weren’t available before.

“We’re seeing organisations move from reviewing hundreds of calls to understanding hundreds of thousands. That fundamentally changes how they manage quality, risk and customer experience.”

]]>

Erik van Eekelen

Australian AI company Icana.AI has helped financial services provider Finance One transform its customer quality assurance program, using artificial intelligence to analyse every customer conversation and automatically identify the interactions that require review, helping improve process compliance, coaching and customer experience.

Finance One deployed Icana.AI’s AI-powered CallCoach platform to replace traditional manual quality assurance, where typically fewer than two per cent of customer calls are reviewed. The platform now analyses every customer interaction, automatically flagging conversations where customers may be vulnerable, required processes may have been missed, compliance risks emerge or coaching opportunities exist.

For organisations handling large volumes of sensitive customer conversations, this means leaders no longer need to rely on random sampling or spend hours reviewing recordings. Instead, they can focus their time on the interactions that present the greatest coaching opportunities, compliance risks or examples of best practice.

Since implementation, CallCoach has analysed more than 300,000 customer calls for Finance One, representing more than 33,000 hours of customer conversations, delivering measurable improvements across key operational and customer service metrics.

Results include:

  • 42% improvement in adherence to the Finance One hardship processes, helping ensure customers experiencing financial difficulty received timely and consistent support.
  • 48% improvement in compliance with internal guidelines for sensitive customer data.
  • 42% improvement in adherence to customer query processes.
  • 14% improvement in tone-of-voice consistency.

Icana.AI Chief Executive Officer Erik van Eekelen said most organisations were operating with significant blind spots because manual quality assurance captures only a tiny fraction of customer interactions.

“Every day, contact centres generate an enormous amount of customer intelligence, yet because most organisations review only a small sample of conversations, important coaching opportunities, compliance risks and customer insights often go unnoticed,” van Eekelen said.

“Listening to every call is only part of the equation. The real value comes from helping leaders identify the conversations that need their attention.”

“Rather than asking managers to spend hours listening to recordings, CallCoach automatically surfaces the conversations that matter most, whether that’s a customer who may need additional support, a compliance issue that requires review or an example of exceptional service that can be shared with the wider team.”

Finance One Chief Information Officer Chris Doyle said moving from manual sampling to analysing every customer interaction had fundamentally changed how the organisation supports both customers and employees.

“Instead of manually searching for coaching opportunities, our leaders are immediately directed to the conversations that need their attention. Whether it’s identifying where a hardship process wasn’t followed, recognising an agent who handled a difficult conversation exceptionally well or supporting someone who needs coaching, our leaders can spend more time coaching people and less time searching for the right conversations,” said Doyle.

“The result has been greater consistency, stronger compliance and better support for customers, particularly those experiencing financial hardship.”

Van Eekelen said the collaboration demonstrates how AI can reshape customer operations beyond simple automation.

“AI – when used responsibly within well designed frameworks – enables organisations to improve customer outcomes, strengthen compliance and make better operational decisions using insights that simply weren’t available before.

“We’re seeing organisations move from reviewing hundreds of calls to understanding hundreds of thousands. That fundamentally changes how they manage quality, risk and customer experience.”

The post Icana.AI helps Finance One strengthen compliance by identifying the customer calls that matter most  appeared first on AdviserVoice.

]]> https://www.adviservoice.com.au/2026/07/icana-ai-helps-finance-one-strengthen-compliance-by-identifying-the-customer-calls-that-matter-most/feed/ 0 Weekly economic and market update – week ending 24 July, 2026 https://www.adviservoice.com.au/2026/07/weekly-economic-and-market-update-week-ending-24-july-2026/ https://www.adviservoice.com.au/2026/07/weekly-economic-and-market-update-week-ending-24-july-2026/#respond Sun, 26 Jul 2026 21:30:00 +0000 https://www.adviservoice.com.au/?p=112772 Investment markets and key developments

Global shares came under pressure again over the last week as the Iran War escalated further with Trump talking of a “massive attack”, oil prices surged, expectations for central bank rate hikes rose, the Trump Administration announced more tariffs and IT shares were hit again with worries about the sustainability of AI related earnings and valuations, despite strong earnings results. In terms of the latter on Thursday the Magnificant Seven group of tech stocks fell 4.8%. Combined this saw US and European shares fall. Japanese and Chinese shares came under pressure later in the week but managed modest gains and the AI exposed Korean sharemarket gave up some of its rebound. Renewed global worries weighed on the Australian share market which fell around 0.3%, but with its lower exposure to tech shares providing some protection. Tech, property and mining shares led the falls on the ASX but were partly offset by gains in energy and financial shares.

Bond yields surged over the last week on worries about higher inflation and more rate hikes with Australian and UK 10-year bond yields pushing back above 5%. Iron ore and gold prices fell, but copper prices rose as did Bitcoin although it remains shaky given the softness in shares and a rise in the $US. The latter saw the $A fall back below $US0.70.

The past week has seen a further signficant military escalation in the US/Iran conflict, the Strait of Hormuz remaining effectively closed again and Iran backed Houthis reportedly targeting Saudi shipping in the Red Sea which goes out via the Bab el-Mandeb Strait to the south or the Suez Canal to the north. If the Bab-el-Mandeb Strait is fully blocked oil can get out through the Suez Canal or through an associated pipeline to the Mediteranean but to get to Asia it then has to travel around Africa adding to costs. So the Houthis intervention potentially threatens up to 7 million barrels per day of oil supplies which had been diverted through the Saudi East-West pipeline rather than have to go through Hormuz. See the map below.

So we now need to track shipping moving out of the Red Sea as well.

The signficant escalation in the War and increased disruption to oil supplies has seen oil prices rise further with Brent now back above $US100/barrel – note that intra day Brent and West Texas spiked to around $US1.20 a barrel earlier in the War so we are still below that. But so far this month oil prices are up around $US30/barrel.

The ongoing escalation in the US/Iran War raises the risk again of a bigger stagflationary hit to the global and Australian economies. So far markets seem relatively relaxed with oil prices up sharply from June lows but still below their highs a few months ago and share markets have not had big falls yet. This likely reflects the view that the world can continue to run down reserves, profit growth has been strong and expectations that Trump will sooner or later announce another peace deal capping the spike in oil prices. Another TACO deal is our base case too as a rebound in US gasoline prices which are now back above $US4/gallon will crash Trump’s already low approval rating and the Republicans’ ability to keep the Senate in the mid-terms. Iran may also go along with another deal to buy some more time.

However, the risk is high that there will be no deal and that we will have to face ever higher oil prices as reserves run down – the US Strategic Petroleum Reserve is at its lowest since 1983 and it’s unclear how long China can continue to run on sharply reduced imports – and the global economy has to face a day of reckoning requiring the demand for oil to have fall back to match the fall in daily production levels. This could mean oil prices up to $US150-200 a barrel. It’s not our base case but it’s a high risk again. Ukrainian hits on Russian refineries arguably also now add to the upside risks to global refined oil product prices, particularly diesel.

The combination of surging oil prices, increasing pressure on central banks to raise rates, rising bond yields, AI earnings and valuation worries along with another ramp up in tariff noise leaves shares at high risk of another correction. Much of this turbulence is at the hands of President Trump, highlighting the risks he poses to the economic outlook – in terms of more inflation and less growth – and the threat that poses to share markets. Of course, just as Australian shares didn’t get much benefit on the way up in the AI boom they may not fall as much if and when it does really start to unwind.

In Australia, petrol prices have risen from the 30 June low of around $1.53 a litre to now around $1.82 and could be above $2 early next month. The rise so far reflects +16 cents a litre from the halving of the 32 cents a litre fuel tax cut from 1 July and some flow through of the $US30 a barrel rebound in oil prices. But the rebound in oil prices is yet to fully flow through and at current levels alone could add around another 10 cents a litre to petrol prices. So far, the Treasurer has said that the remaining 16 cents a litre fuel tax cut “will taper off in the first couple of days of August”. If so, it could mean another 26 cents a litre at least added on to petrol prices.

We remain of the view that the RBA will have to raise rates again. Canadian and UK underlying inflation at 1.8% and 2.6% respectively for June released in the last week highlight how out of whack we are globally with underlying inflation at 3.6%yoy in May. Of course, both these countries have higher unemployment at 6.5% and 4.9% which may partly explain the difference compared to 4.4% in Australia. But the problem for the RBA is that the rebound in oil prices with a potentially greater flow through to underlying inflation will see inflation potentially stay higher for longer, threatening higher inflation expectations making it even harder to get inflation back to target. This is already a big worry as, including this year, inflation will have been above the 2-3% target for five the last six years, which risks blowing the credibility of the inflation target. Jobs data for June was mixed but will likely still see the RBA characterise the labour market as a “bit tight” which in turn should clear the way for another rate hike next month. So, our base remains for an August rate hike, but with uncertainty about the growth outlook and home prices falling we see it as a close call. However, we would still see a further hike as being necessary this year even if the RBA does decide to pause so as to “wait and see” again next month. Next week’s inflation data for June will be key though. Another rise in trimmed mean inflation to 3.7%yoy or more will reinforce the case for another hike whereas an outcome around 3.5%yoy or less could weaken it.

RBA survey findings that only 25% of people correctly assess that higher interest rates will ultimately slow inflation and more than 50% think it will add to inflation are not particularly surprising. I have even had colleagues who think that! But it does mean that the RBA has to hike more than otherwise would have been the case if more understood how interest rates impact inflation. Which in turn highlights the need for more economic and financial literacy in Australia. But I doubt Australia is much different to other comparable countries in this regard.

Meanwhile with around two thirds of respondents citing inflation as their main concern, and this particularly being the case amongst lower income households, the RBA is right to be focussed on getting it back down, ie not just because it’s part of their mandate.

Major global economic events and implications

It was a quiet week in the US for data releases, but jobless claims remained low. So far 87.5% of companies to have reported US June quarter earnings have exceeded expectations, but it’s still early days with only 25% of S&P 500 companies having reported so far. The consensus expectation for earnings growth has now risen to around 37%yoy and is likely to end up around 40%yoy! Earnings growth is being led by energy and tech companies. So far investors appear increasingly wary of the AI spending boom with Alphabet beating but its shares fell 7% following the announcement of more AI related capital spending.

The past week saw more tariff announcements from the US, including confirmation that the temporary Section 122 10% tariff which expired on Friday 24 July will be replaced with 10% and 12.5% tariffs depending on the country under Section 301 to counteract allegations of “forced labour”. It’s all a bit of a joke because even if a country has an outright ban on forced labour imports, they still get a 10% tariff –  but I guess the Trump Administration had to make up something to get back the tariffs that were struck down by the Supreme Court! And coming on the back of the 25% tariff on Brazil, Trump announced a 50% tariff on Canadian autos, dairy and alcohol after getting annoyed by smoke over US cities from Canadian bushfires and a tariff on generic drugs of 100% in two years and 200% in three years. Some of these may or may not eventuate and there are so many exemptions for Canadian goods that the impact will likely be minor. That said the bigger picture is the replacement of the Section 122 10% tariff with a 10% or 12.5% tariff under Section 301 to counteract allegations of “forced labour”. Further Section 301 tariffs to counteract alleged excess capacity and unfair practices in countries like China and Europe are likely in the months ahead. Once multiple exemptions across various goods and substitution from high to lower tariffed countries are allowed for the end result is that the average US effective tariff rate will end up being around where it was before the Supreme Court struck down the reciprocal tariffs in February, ie around 11% which is down from the 30% or so which was threatened post Liberation Day but up from the pre-2025 level of around 2.5%. The key is that US tariffs will remain a longer-term threat to global trade and US costs and efficiency but a new short-term disruption for share markets is unlikely.

Australia is illogically caught up in the forced labour tariff with a rate of 12.5% along with countries like Japan, Korea, Switzerland and the UK. As such we will lose our relative advantage versus countries like Europe that will only be tariffed at 10%. However, this likely won’t be for long as Europe and many other countries will likely be subject to the excess capacity tariffs when they start whereas Australia probably won’t be. And in any case around two thirds of our products by value going to the US are exempt anyway – eg gold, beef, copper and blood plasma – so the effective tariff on Australian exports to the US will remain way below 12.5%. So, the impact on Australia will be very mild – just like the tariffs last year were.

Canadian inflation fell more than expected in June with a fall in energy prices pulling headline CPI inflation down to 2.8%yoy from 3.2%, and the key underlying measures of inflation falling just below the 2%yoy target. This will keep the Bank of Canada on hold for now, although the rebound in oil prices still points to upside risk ahead.

Similarly, UK CPI inflation also slowed more than expected in June to 2.6%yoy from 2.8%. Core inflation remained stuck at 2.6%yoy though. This leaves the Bank of England on hold for now but still potentially having to raise rates at some point as inflation remains above target.

Meanwhile, Andy Burnham has been confirmed as UK PM with a left leaning agenda. The reality though is that his ability to hike taxes and spend on new programs is limited by already high tax and spending shares of GDP. And his ability to borrow and spend is limited by a high budget deficit (more than three times that in Australia as a share of GDP) and high public debt (double that of Australia as a share of GDP) so any significant increase in the budget deficit would threaten another Liz Truss sell off in UK bonds. In fact, UK bond yields are already well above where they spiked to when Truss was briefly PM in 2022.

The Eurozone Central Bank left rates on hold at 2.25% as widely expected but commentary and guidance leaned hawkish with concern about the full inflationary impact of the oil supply shock. A September hike looks highly likely with a strong possibility of another one before year end.

Japanese CPI inflation rose to 1.7%yoy in June, with core rising but only to 1.2%yoy.

New Zealand June quarter inflation rose more than expected to 4.1%yoy reflecting the lagged impact of the higher energy prices with some measures of underlying inflation asor rising. This keeps the RBNZ on track for two more rate hikes this year with the next in September.

Australian economic events and implications

Jobs data for June as mostly very strong again. Employment rose by 76,300 after 44,000 in May, full time employment and hours worked were strong, labour force participation rose to near a record high and unemployment remained relatively low at 4.4%.

Against this, underemployment rose again as did the underutilisation rate suggesting a bit more spare capacity in the jobs market and the rise in participation could also reflect “cost of living pressures. And it’s possible that the rise in employment was exaggerated by statistical noise. All of which could give the RBA reason to remain in “wait and see” mode on rates. But overall, the RBA is more likely to see the jobs market as still a “bit tight” leaving space for higher rates to control inflation.

Australian business conditions PMIs for July rose 2.2pts to an okay 52.6 with gains in services, employment and orders, which is surprising given the rebound in oil prices. Input price pressures fell but output price pressures rose and remain high, which is a concern for inflation.

What to watch over the next week?

In the US, the Fed is expected to leave rates on hold at 3.5-3.75% (Wednesday) with softer June CPI inflation data providing a bit of breathing space. However, the commentary is likely to lean hawkish with some dissents possible in favour of a rate hike and many Fed officials lately appearing to lose patience with inflation. Expectations for a September hike are likely to firm. On the data front in the US, expect continued strong underlying growth in capital goods orders (Monday), a slight rise in consumer confidence but a further slowing in home price growth (Tuesday), a slight pick up in June quarter GDP growth (Thursday) to 2.3% annualised, continued solid growth in personal income and spending in June (also Thursday) and a slight moderation in employment cost growth in the June quarter (Friday). Core June private final consumption deflator inflation (Friday) is likely to slow slightly but remain elevated at 3.3%yoy. And the US June quarter earnings reporting season will ramp up.

Eurozone June quarter GDP growth is likely to be 0.2%qoq with unemployment holding at 6.2% (both Thursday). CPI inflation for July (Friday) is likely to have risen to 2.9%yoy reflecting the rebound in fuel prices but core inflation is likely to have remained around 2.4%yoy.

The Bank of England (Thursday) is likely to leave rates on hold at 3.75%, lean somewhat hawkish given the renewed threat to inflation from the rebound in oil prices.

The Bank of Japan (Friday) is expected to leave rates on hold at 1%, but signal that further tightening is likely this year.

Chinese business condition PMIs for July will be released Thursday and are likely to remain around the 50 level.

In Australia, the focus will be on June inflation data. Monthly inflation is likely to have remained at 4%yoy with a sharp fall in fuel prices but solid increases for new dwelling costs, rents and holiday travel with trimmed mean inflation rising slightly to 3.7%yoy. The quarterly trimmed mean inflation rate, which is what the RBA will mainly focus on, is expected to rise to 3.8%yoy, from 3.5% in the March quarter. Being consistent with the RBA’s forecasts this will leave the door open to another RBA rate hike in August. June home building approvals (Thursday) will likely see another fall on the back of rate hikes and credit data (Friday) will likely show a further slowing in housing credit growth. Addresses by RBA Governor Bullock and Chief Economist Hunter will be watched for any clues as to the outlook for interest rates.

Outlook for investment markets

Global and Australian share markets are likely to remain volatile with the risk of another correction given the resumption of the Iran War and surging oil prices, stretched valuations, sticky inflation, political uncertainty associated with Trump & the midterm elections and worries about the impact of AI and whether there is an AI bubble. However, returns should still be positive for the next 12 months as a whole thanks to continuing economic growth with recession avoided and solid profit growth.

Bonds are likely to see returns around running yield.

Unlisted commercial property returns are likely to be solid helped by strong demand for industrial property associated with data centres.

Australian home prices are expected to fall around 2% this year and by 6% over the next 12 months as a result of poor affordability, RBA rate hikes, reduced investor demand flowing from the winding back of negative gearing and the capital gains tax discount and poor confidence. This will mean roughly a 7% top to bottom fall.

Cash and bank deposits are expected to provide returns around 4-5%.

The $A is likely to rise reflecting the wider interest rate differential to the US, although a move to Fed hikes may limit this. Fair value for the $A is around $US0.72.

By Shane Oliver

]]> Investment markets and key developments

Global shares came under pressure again over the last week as the Iran War escalated further with Trump talking of a “massive attack”, oil prices surged, expectations for central bank rate hikes rose, the Trump Administration announced more tariffs and IT shares were hit again with worries about the sustainability of AI related earnings and valuations, despite strong earnings results. In terms of the latter on Thursday the Magnificant Seven group of tech stocks fell 4.8%. Combined this saw US and European shares fall. Japanese and Chinese shares came under pressure later in the week but managed modest gains and the AI exposed Korean sharemarket gave up some of its rebound. Renewed global worries weighed on the Australian share market which fell around 0.3%, but with its lower exposure to tech shares providing some protection. Tech, property and mining shares led the falls on the ASX but were partly offset by gains in energy and financial shares.

Bond yields surged over the last week on worries about higher inflation and more rate hikes with Australian and UK 10-year bond yields pushing back above 5%. Iron ore and gold prices fell, but copper prices rose as did Bitcoin although it remains shaky given the softness in shares and a rise in the $US. The latter saw the $A fall back below $US0.70.

The past week has seen a further signficant military escalation in the US/Iran conflict, the Strait of Hormuz remaining effectively closed again and Iran backed Houthis reportedly targeting Saudi shipping in the Red Sea which goes out via the Bab el-Mandeb Strait to the south or the Suez Canal to the north. If the Bab-el-Mandeb Strait is fully blocked oil can get out through the Suez Canal or through an associated pipeline to the Mediteranean but to get to Asia it then has to travel around Africa adding to costs. So the Houthis intervention potentially threatens up to 7 million barrels per day of oil supplies which had been diverted through the Saudi East-West pipeline rather than have to go through Hormuz. See the map below.

So we now need to track shipping moving out of the Red Sea as well.

The signficant escalation in the War and increased disruption to oil supplies has seen oil prices rise further with Brent now back above $US100/barrel – note that intra day Brent and West Texas spiked to around $US1.20 a barrel earlier in the War so we are still below that. But so far this month oil prices are up around $US30/barrel.

The ongoing escalation in the US/Iran War raises the risk again of a bigger stagflationary hit to the global and Australian economies. So far markets seem relatively relaxed with oil prices up sharply from June lows but still below their highs a few months ago and share markets have not had big falls yet. This likely reflects the view that the world can continue to run down reserves, profit growth has been strong and expectations that Trump will sooner or later announce another peace deal capping the spike in oil prices. Another TACO deal is our base case too as a rebound in US gasoline prices which are now back above $US4/gallon will crash Trump’s already low approval rating and the Republicans’ ability to keep the Senate in the mid-terms. Iran may also go along with another deal to buy some more time.

However, the risk is high that there will be no deal and that we will have to face ever higher oil prices as reserves run down – the US Strategic Petroleum Reserve is at its lowest since 1983 and it’s unclear how long China can continue to run on sharply reduced imports – and the global economy has to face a day of reckoning requiring the demand for oil to have fall back to match the fall in daily production levels. This could mean oil prices up to $US150-200 a barrel. It’s not our base case but it’s a high risk again. Ukrainian hits on Russian refineries arguably also now add to the upside risks to global refined oil product prices, particularly diesel.

The combination of surging oil prices, increasing pressure on central banks to raise rates, rising bond yields, AI earnings and valuation worries along with another ramp up in tariff noise leaves shares at high risk of another correction. Much of this turbulence is at the hands of President Trump, highlighting the risks he poses to the economic outlook – in terms of more inflation and less growth – and the threat that poses to share markets. Of course, just as Australian shares didn’t get much benefit on the way up in the AI boom they may not fall as much if and when it does really start to unwind.

In Australia, petrol prices have risen from the 30 June low of around $1.53 a litre to now around $1.82 and could be above $2 early next month. The rise so far reflects +16 cents a litre from the halving of the 32 cents a litre fuel tax cut from 1 July and some flow through of the $US30 a barrel rebound in oil prices. But the rebound in oil prices is yet to fully flow through and at current levels alone could add around another 10 cents a litre to petrol prices. So far, the Treasurer has said that the remaining 16 cents a litre fuel tax cut “will taper off in the first couple of days of August”. If so, it could mean another 26 cents a litre at least added on to petrol prices.

We remain of the view that the RBA will have to raise rates again. Canadian and UK underlying inflation at 1.8% and 2.6% respectively for June released in the last week highlight how out of whack we are globally with underlying inflation at 3.6%yoy in May. Of course, both these countries have higher unemployment at 6.5% and 4.9% which may partly explain the difference compared to 4.4% in Australia. But the problem for the RBA is that the rebound in oil prices with a potentially greater flow through to underlying inflation will see inflation potentially stay higher for longer, threatening higher inflation expectations making it even harder to get inflation back to target. This is already a big worry as, including this year, inflation will have been above the 2-3% target for five the last six years, which risks blowing the credibility of the inflation target. Jobs data for June was mixed but will likely still see the RBA characterise the labour market as a “bit tight” which in turn should clear the way for another rate hike next month. So, our base remains for an August rate hike, but with uncertainty about the growth outlook and home prices falling we see it as a close call. However, we would still see a further hike as being necessary this year even if the RBA does decide to pause so as to “wait and see” again next month. Next week’s inflation data for June will be key though. Another rise in trimmed mean inflation to 3.7%yoy or more will reinforce the case for another hike whereas an outcome around 3.5%yoy or less could weaken it.

RBA survey findings that only 25% of people correctly assess that higher interest rates will ultimately slow inflation and more than 50% think it will add to inflation are not particularly surprising. I have even had colleagues who think that! But it does mean that the RBA has to hike more than otherwise would have been the case if more understood how interest rates impact inflation. Which in turn highlights the need for more economic and financial literacy in Australia. But I doubt Australia is much different to other comparable countries in this regard.

Meanwhile with around two thirds of respondents citing inflation as their main concern, and this particularly being the case amongst lower income households, the RBA is right to be focussed on getting it back down, ie not just because it’s part of their mandate.

Major global economic events and implications

It was a quiet week in the US for data releases, but jobless claims remained low. So far 87.5% of companies to have reported US June quarter earnings have exceeded expectations, but it’s still early days with only 25% of S&P 500 companies having reported so far. The consensus expectation for earnings growth has now risen to around 37%yoy and is likely to end up around 40%yoy! Earnings growth is being led by energy and tech companies. So far investors appear increasingly wary of the AI spending boom with Alphabet beating but its shares fell 7% following the announcement of more AI related capital spending.

The past week saw more tariff announcements from the US, including confirmation that the temporary Section 122 10% tariff which expired on Friday 24 July will be replaced with 10% and 12.5% tariffs depending on the country under Section 301 to counteract allegations of “forced labour”. It’s all a bit of a joke because even if a country has an outright ban on forced labour imports, they still get a 10% tariff –  but I guess the Trump Administration had to make up something to get back the tariffs that were struck down by the Supreme Court! And coming on the back of the 25% tariff on Brazil, Trump announced a 50% tariff on Canadian autos, dairy and alcohol after getting annoyed by smoke over US cities from Canadian bushfires and a tariff on generic drugs of 100% in two years and 200% in three years. Some of these may or may not eventuate and there are so many exemptions for Canadian goods that the impact will likely be minor. That said the bigger picture is the replacement of the Section 122 10% tariff with a 10% or 12.5% tariff under Section 301 to counteract allegations of “forced labour”. Further Section 301 tariffs to counteract alleged excess capacity and unfair practices in countries like China and Europe are likely in the months ahead. Once multiple exemptions across various goods and substitution from high to lower tariffed countries are allowed for the end result is that the average US effective tariff rate will end up being around where it was before the Supreme Court struck down the reciprocal tariffs in February, ie around 11% which is down from the 30% or so which was threatened post Liberation Day but up from the pre-2025 level of around 2.5%. The key is that US tariffs will remain a longer-term threat to global trade and US costs and efficiency but a new short-term disruption for share markets is unlikely.

Australia is illogically caught up in the forced labour tariff with a rate of 12.5% along with countries like Japan, Korea, Switzerland and the UK. As such we will lose our relative advantage versus countries like Europe that will only be tariffed at 10%. However, this likely won’t be for long as Europe and many other countries will likely be subject to the excess capacity tariffs when they start whereas Australia probably won’t be. And in any case around two thirds of our products by value going to the US are exempt anyway – eg gold, beef, copper and blood plasma – so the effective tariff on Australian exports to the US will remain way below 12.5%. So, the impact on Australia will be very mild – just like the tariffs last year were.

Canadian inflation fell more than expected in June with a fall in energy prices pulling headline CPI inflation down to 2.8%yoy from 3.2%, and the key underlying measures of inflation falling just below the 2%yoy target. This will keep the Bank of Canada on hold for now, although the rebound in oil prices still points to upside risk ahead.

Similarly, UK CPI inflation also slowed more than expected in June to 2.6%yoy from 2.8%. Core inflation remained stuck at 2.6%yoy though. This leaves the Bank of England on hold for now but still potentially having to raise rates at some point as inflation remains above target.

Meanwhile, Andy Burnham has been confirmed as UK PM with a left leaning agenda. The reality though is that his ability to hike taxes and spend on new programs is limited by already high tax and spending shares of GDP. And his ability to borrow and spend is limited by a high budget deficit (more than three times that in Australia as a share of GDP) and high public debt (double that of Australia as a share of GDP) so any significant increase in the budget deficit would threaten another Liz Truss sell off in UK bonds. In fact, UK bond yields are already well above where they spiked to when Truss was briefly PM in 2022.

The Eurozone Central Bank left rates on hold at 2.25% as widely expected but commentary and guidance leaned hawkish with concern about the full inflationary impact of the oil supply shock. A September hike looks highly likely with a strong possibility of another one before year end.

Japanese CPI inflation rose to 1.7%yoy in June, with core rising but only to 1.2%yoy.

New Zealand June quarter inflation rose more than expected to 4.1%yoy reflecting the lagged impact of the higher energy prices with some measures of underlying inflation asor rising. This keeps the RBNZ on track for two more rate hikes this year with the next in September.

Australian economic events and implications

Jobs data for June as mostly very strong again. Employment rose by 76,300 after 44,000 in May, full time employment and hours worked were strong, labour force participation rose to near a record high and unemployment remained relatively low at 4.4%.

Against this, underemployment rose again as did the underutilisation rate suggesting a bit more spare capacity in the jobs market and the rise in participation could also reflect “cost of living pressures. And it’s possible that the rise in employment was exaggerated by statistical noise. All of which could give the RBA reason to remain in “wait and see” mode on rates. But overall, the RBA is more likely to see the jobs market as still a “bit tight” leaving space for higher rates to control inflation.

Australian business conditions PMIs for July rose 2.2pts to an okay 52.6 with gains in services, employment and orders, which is surprising given the rebound in oil prices. Input price pressures fell but output price pressures rose and remain high, which is a concern for inflation.

What to watch over the next week?

In the US, the Fed is expected to leave rates on hold at 3.5-3.75% (Wednesday) with softer June CPI inflation data providing a bit of breathing space. However, the commentary is likely to lean hawkish with some dissents possible in favour of a rate hike and many Fed officials lately appearing to lose patience with inflation. Expectations for a September hike are likely to firm. On the data front in the US, expect continued strong underlying growth in capital goods orders (Monday), a slight rise in consumer confidence but a further slowing in home price growth (Tuesday), a slight pick up in June quarter GDP growth (Thursday) to 2.3% annualised, continued solid growth in personal income and spending in June (also Thursday) and a slight moderation in employment cost growth in the June quarter (Friday). Core June private final consumption deflator inflation (Friday) is likely to slow slightly but remain elevated at 3.3%yoy. And the US June quarter earnings reporting season will ramp up.

Eurozone June quarter GDP growth is likely to be 0.2%qoq with unemployment holding at 6.2% (both Thursday). CPI inflation for July (Friday) is likely to have risen to 2.9%yoy reflecting the rebound in fuel prices but core inflation is likely to have remained around 2.4%yoy.

The Bank of England (Thursday) is likely to leave rates on hold at 3.75%, lean somewhat hawkish given the renewed threat to inflation from the rebound in oil prices.

The Bank of Japan (Friday) is expected to leave rates on hold at 1%, but signal that further tightening is likely this year.

Chinese business condition PMIs for July will be released Thursday and are likely to remain around the 50 level.

In Australia, the focus will be on June inflation data. Monthly inflation is likely to have remained at 4%yoy with a sharp fall in fuel prices but solid increases for new dwelling costs, rents and holiday travel with trimmed mean inflation rising slightly to 3.7%yoy. The quarterly trimmed mean inflation rate, which is what the RBA will mainly focus on, is expected to rise to 3.8%yoy, from 3.5% in the March quarter. Being consistent with the RBA’s forecasts this will leave the door open to another RBA rate hike in August. June home building approvals (Thursday) will likely see another fall on the back of rate hikes and credit data (Friday) will likely show a further slowing in housing credit growth. Addresses by RBA Governor Bullock and Chief Economist Hunter will be watched for any clues as to the outlook for interest rates.

Outlook for investment markets

Global and Australian share markets are likely to remain volatile with the risk of another correction given the resumption of the Iran War and surging oil prices, stretched valuations, sticky inflation, political uncertainty associated with Trump & the midterm elections and worries about the impact of AI and whether there is an AI bubble. However, returns should still be positive for the next 12 months as a whole thanks to continuing economic growth with recession avoided and solid profit growth.

Bonds are likely to see returns around running yield.

Unlisted commercial property returns are likely to be solid helped by strong demand for industrial property associated with data centres.

Australian home prices are expected to fall around 2% this year and by 6% over the next 12 months as a result of poor affordability, RBA rate hikes, reduced investor demand flowing from the winding back of negative gearing and the capital gains tax discount and poor confidence. This will mean roughly a 7% top to bottom fall.

Cash and bank deposits are expected to provide returns around 4-5%.

The $A is likely to rise reflecting the wider interest rate differential to the US, although a move to Fed hikes may limit this. Fair value for the $A is around $US0.72.

By Shane Oliver

The post Weekly economic and market update – week ending 24 July, 2026 appeared first on AdviserVoice.

]]> https://www.adviservoice.com.au/2026/07/weekly-economic-and-market-update-week-ending-24-july-2026/feed/ 0 Breaches of the Banking Code may be more than staff error https://www.adviservoice.com.au/2026/07/breaches-of-the-banking-code-may-be-more-than-staff-error/ https://www.adviservoice.com.au/2026/07/breaches-of-the-banking-code-may-be-more-than-staff-error/#respond Sun, 26 Jul 2026 21:25:50 +0000 https://www.adviservoice.com.au/?p=112803

Sean Hughes

The Banking Code Compliance Committee (BCCC) has found that banks risk overlooking deeper weaknesses in systems, processes and controls by attributing most breaches of the Code of Practice to staff error.

In its latest Compliance Statement Report[1], the BCCC found that staff-related causes accounted for 84% of the 9,326 breaches reported by banks between July and December 2025. Staff training was reported as a corrective action for 83% of breaches, either alone or alongside other measures.

Chair of the BCCC Sean Hughes said staff error did not always explain why a breach occurred.

“Staff error may describe where a problem became visible, but it does not necessarily tell us what allowed it to happen,” Mr Hughes said.

“If compliance depends heavily on manual steps, individual judgement or staff memory, banks need to consider whether stronger systems and process controls could prevent problems recurring.

“Training is important, but it cannot be the default response to every breach involving a staff member.”

The report found that breaches attributed to policy or process deficiencies had a disproportionately large effect on customers. They accounted for only 7.9% of reported breaches but affected more than 1.26 million customers and caused $15.25 million in customer financial impact.

Mr Hughes said breach data should help banks identify underlying problems and choose corrective actions that address their root causes.

“Identifying a breach should be the beginning of the analysis, not the end,” he said.

“Banks need to understand why a breach occurred and whether changes to systems or processes would provide a more lasting solution.”

The report also found that banks continue to miss opportunities to recognise and support customers experiencing vulnerability.

Banks reported 1,528 breaches of vulnerability commitments, affecting 10,000 customers and resulting in $5.52 million in customer financial impact.

System and process issues accounted for 60% of customers affected by vulnerability-related breaches, but banks most frequently reported staff training as the corrective action.

“Banks need to ensure that their frameworks to support vulnerable customers work reliably when customers interact with the bank,” Mr Hughes said.

“Customers should not have to depend on a staff member recognising the right signal or remembering a manual step. Staff need reliable systems, clear escalation pathways and practical safeguards to support them so they can respond appropriately and consistently.

“The commitments banks make in the Code are intended to ensure customers receive fair outcomes, and banks need to deliver on their commitments.”

The report’s findings indicate that banks need to use breach data to strengthen the systems, processes and safeguards that shape customers’ experiences and reduce the risk of the same problems recurring.

Read the report

The purpose of the BCCC is to monitor and drive best practice Code compliance.

To do this, it:

  • examines banks’ practices
  • identifies current and emerging industry-wide problems
  • recommends improvements to bank practices
  • sanctions banks for serious compliance failures, and
  • consults and keeps stakeholders and the public informed.

———-

Notes:
[1] Compliance Statement Report
]]>

Sean Hughes

The Banking Code Compliance Committee (BCCC) has found that banks risk overlooking deeper weaknesses in systems, processes and controls by attributing most breaches of the Code of Practice to staff error.

In its latest Compliance Statement Report[1], the BCCC found that staff-related causes accounted for 84% of the 9,326 breaches reported by banks between July and December 2025. Staff training was reported as a corrective action for 83% of breaches, either alone or alongside other measures.

Chair of the BCCC Sean Hughes said staff error did not always explain why a breach occurred.

“Staff error may describe where a problem became visible, but it does not necessarily tell us what allowed it to happen,” Mr Hughes said.

“If compliance depends heavily on manual steps, individual judgement or staff memory, banks need to consider whether stronger systems and process controls could prevent problems recurring.

“Training is important, but it cannot be the default response to every breach involving a staff member.”

The report found that breaches attributed to policy or process deficiencies had a disproportionately large effect on customers. They accounted for only 7.9% of reported breaches but affected more than 1.26 million customers and caused $15.25 million in customer financial impact.

Mr Hughes said breach data should help banks identify underlying problems and choose corrective actions that address their root causes.

“Identifying a breach should be the beginning of the analysis, not the end,” he said.

“Banks need to understand why a breach occurred and whether changes to systems or processes would provide a more lasting solution.”

The report also found that banks continue to miss opportunities to recognise and support customers experiencing vulnerability.

Banks reported 1,528 breaches of vulnerability commitments, affecting 10,000 customers and resulting in $5.52 million in customer financial impact.

System and process issues accounted for 60% of customers affected by vulnerability-related breaches, but banks most frequently reported staff training as the corrective action.

“Banks need to ensure that their frameworks to support vulnerable customers work reliably when customers interact with the bank,” Mr Hughes said.

“Customers should not have to depend on a staff member recognising the right signal or remembering a manual step. Staff need reliable systems, clear escalation pathways and practical safeguards to support them so they can respond appropriately and consistently.

“The commitments banks make in the Code are intended to ensure customers receive fair outcomes, and banks need to deliver on their commitments.”

The report’s findings indicate that banks need to use breach data to strengthen the systems, processes and safeguards that shape customers’ experiences and reduce the risk of the same problems recurring.

Read the report

The purpose of the BCCC is to monitor and drive best practice Code compliance.

To do this, it:

  • examines banks’ practices
  • identifies current and emerging industry-wide problems
  • recommends improvements to bank practices
  • sanctions banks for serious compliance failures, and
  • consults and keeps stakeholders and the public informed.

———-

Notes:
[1] Compliance Statement Report

The post Breaches of the Banking Code may be more than staff error appeared first on AdviserVoice.

]]> https://www.adviservoice.com.au/2026/07/breaches-of-the-banking-code-may-be-more-than-staff-error/feed/ 0 AMP Super appoints Richard Millington to lead employer and adviser partnerships https://www.adviservoice.com.au/2026/07/amp-super-appoints-richard-millington-to-lead-employer-and-adviser-partnerships/ https://www.adviservoice.com.au/2026/07/amp-super-appoints-richard-millington-to-lead-employer-and-adviser-partnerships/#respond Sun, 26 Jul 2026 21:20:31 +0000 https://www.adviservoice.com.au/?p=112795

Richard Millington

AMP has appointed Richard Millington as Director, Employer & Adviser Partnerships, a newly created role that reflects the growing importance of employers and advisers in helping Australians build financial security and achieve better retirement outcomes.

He will join AMP on 24 August 2026 from Rest, where he most recently helped establish their workplace superannuation capability. He has also held senior roles at MLC and Munich Re, and brings extensive experience across distribution and client relationship management.

The new role will provide dedicated leadership across AMP’s Business Development, Account Management and Adviser Partnerships teams, bringing together AMP Super’s employer and adviser engagement capabilities.

AMP Group Executive, Superannuation & Investments, Melinda Howes, said the appointment reinforced AMP’s commitment to supporting employers, advisers and their clients.

“No other fund offers a member proposition like AMP Super across investment performance, service, personalised advice, and lifetime income retirement solutions. Bringing these teams together under one leader will help us work even more closely with employers and advisers as they support Australians to maximise their retirement income,” Ms Howes said.

“Richard has built a strong reputation for developing high-performing teams to deliver growth in a range of different businesses across superannuation and insurance. His experience will be invaluable as we continue to strengthen the support, service and solutions we provide to employers, advisers and members.”

Richard Millington said he was excited to join AMP at an important time for the business.

“I’ve long admired AMP for its history in Australian financial services, particularly in corporate super,” he said.

“AMP Super offers a compelling proposition for members, employers and advisers. I’m looking forward to working closely with our partners to help more Australians prepare for and navigate retirement with confidence.”

]]>

Richard Millington

AMP has appointed Richard Millington as Director, Employer & Adviser Partnerships, a newly created role that reflects the growing importance of employers and advisers in helping Australians build financial security and achieve better retirement outcomes.

He will join AMP on 24 August 2026 from Rest, where he most recently helped establish their workplace superannuation capability. He has also held senior roles at MLC and Munich Re, and brings extensive experience across distribution and client relationship management.

The new role will provide dedicated leadership across AMP’s Business Development, Account Management and Adviser Partnerships teams, bringing together AMP Super’s employer and adviser engagement capabilities.

AMP Group Executive, Superannuation & Investments, Melinda Howes, said the appointment reinforced AMP’s commitment to supporting employers, advisers and their clients.

“No other fund offers a member proposition like AMP Super across investment performance, service, personalised advice, and lifetime income retirement solutions. Bringing these teams together under one leader will help us work even more closely with employers and advisers as they support Australians to maximise their retirement income,” Ms Howes said.

“Richard has built a strong reputation for developing high-performing teams to deliver growth in a range of different businesses across superannuation and insurance. His experience will be invaluable as we continue to strengthen the support, service and solutions we provide to employers, advisers and members.”

Richard Millington said he was excited to join AMP at an important time for the business.

“I’ve long admired AMP for its history in Australian financial services, particularly in corporate super,” he said.

“AMP Super offers a compelling proposition for members, employers and advisers. I’m looking forward to working closely with our partners to help more Australians prepare for and navigate retirement with confidence.”

The post AMP Super appoints Richard Millington to lead employer and adviser partnerships appeared first on AdviserVoice.

]]> https://www.adviservoice.com.au/2026/07/amp-super-appoints-richard-millington-to-lead-employer-and-adviser-partnerships/feed/ 0 Strong levels of product registrations continues in FY26 https://www.adviservoice.com.au/2026/07/strong-levels-of-product-registrations-continues-in-fy26/ https://www.adviservoice.com.au/2026/07/strong-levels-of-product-registrations-continues-in-fy26/#respond Sun, 26 Jul 2026 21:05:27 +0000 https://www.adviservoice.com.au/?p=112801

Chris Donohoe

The number of new financial product registrations in the year ending 30 June 2026 have continued the strong growth of recent years, according to analysis by APIR Systems.

Led by managed funds, there were 843 product registrations overall in the 2026 financial year, which is in line with last year’s 844.

APIR identifies, codes and manages reference data for unlisted financial products. In its 30 years of operation, APIR has identified over 33,000 individual financial products.

Key highlights from 2025-26 data include:

  • Managed funds, known as managed investment products (MIPs), continue to be the industry’s dominant product choice, making up 80.8 per cent of registrations during 2025-26.
  • MIP registrations in 2025-26 finished 3.6 per cent below the rolling 5-year average at 681, at 681 registrations.
  • Managed accounts registrations were again strong, 13.79 per cent above the rolling 5-year average at 99 registrations.
  • Whilst there was an uptick in archiving of superannuation investment options from last year, overall product archives were 23.0 per cent below the rolling 5-year average.
  • There were 33 new participants (i.e. product issuers such as Responsible Entities and Trustees) in 2025-26, a net increase of 7.5 per cent on the prior year.

APIR chief executive Chris Donohoe says it is encouraging to see the continued robust levels of registrations, particularly of managed fund and managed account products, despite continued market volatility during the period.

Looking ahead to 2026-27, Donohoe points towards the global evolution of fund tokenisation as a development to keep an eye on.

“We’ve witnessed tokenised funds launch in many overseas jurisdictions, driven by the efficiencies associated with block-chain technology. With the recent release by ASIC of the Australian digital asset framework, we expect to see product issuers consider opportunities for fund tokenisation.”

]]>

Chris Donohoe

The number of new financial product registrations in the year ending 30 June 2026 have continued the strong growth of recent years, according to analysis by APIR Systems.

Led by managed funds, there were 843 product registrations overall in the 2026 financial year, which is in line with last year’s 844.

APIR identifies, codes and manages reference data for unlisted financial products. In its 30 years of operation, APIR has identified over 33,000 individual financial products.

Key highlights from 2025-26 data include:

  • Managed funds, known as managed investment products (MIPs), continue to be the industry’s dominant product choice, making up 80.8 per cent of registrations during 2025-26.
  • MIP registrations in 2025-26 finished 3.6 per cent below the rolling 5-year average at 681, at 681 registrations.
  • Managed accounts registrations were again strong, 13.79 per cent above the rolling 5-year average at 99 registrations.
  • Whilst there was an uptick in archiving of superannuation investment options from last year, overall product archives were 23.0 per cent below the rolling 5-year average.
  • There were 33 new participants (i.e. product issuers such as Responsible Entities and Trustees) in 2025-26, a net increase of 7.5 per cent on the prior year.

APIR chief executive Chris Donohoe says it is encouraging to see the continued robust levels of registrations, particularly of managed fund and managed account products, despite continued market volatility during the period.

Looking ahead to 2026-27, Donohoe points towards the global evolution of fund tokenisation as a development to keep an eye on.

“We’ve witnessed tokenised funds launch in many overseas jurisdictions, driven by the efficiencies associated with block-chain technology. With the recent release by ASIC of the Australian digital asset framework, we expect to see product issuers consider opportunities for fund tokenisation.”

The post Strong levels of product registrations continues in FY26 appeared first on AdviserVoice.

]]> https://www.adviservoice.com.au/2026/07/strong-levels-of-product-registrations-continues-in-fy26/feed/ 0