Inquiry widens to focus on AustralianSuper hydro investments

The Royal Commission inquiry into financial misconduct across the major banks and financial institutions has turned its sights to AustralianSuper, Australia’s biggest superannuation fund, amid claims of toxic investments. The company in question was a renewable energy company called Pacific Hydro, which would have gone under in 2014 if it was not for an emergency…

NAB set to refund customers over superannuation claims

National Australia Bank (NAB) is set to refund over 300,000 of its MLC superannuation customers a total of more than $67m due to incorrectly charged fees. The bank failed to tell affected customers that a certain fee did not necessitate inclusion in their plans. Meetings between MLC superannuation trustees Nulis and the Australian Securities and…

Banks to fight ‘fast and loose’ $6.2b tax

The nation’s five biggest banks are willing to wage a mining tax-style ad campaign against a “fast and loose” $6.2 billion tax, which they say will leave Australian retirees and workers worse off. The banks say they’ve walked away from a meeting with Treasury officials on Thursday with more questions about the tax than answers….