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Women and girls falling behind on financial literacy skills

SBS News reports a lack of knowledge in financial literacy leads to poorer economic outcomes in life with this lack of knowledge affecting more females than males disproportionately. The findings are based on the OECD’s Programme for International Student Assessment (PISA) — which measures 15-year-olds’ ability to use their maths, science, and reading skills and...

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Mutual banks announce intention to merge

P & N Bank and Beyond Bank have signed a Memorandum of Understanding (MOU) intending to merge. The customer-based banks collectively have 450,000 members and if the merger goes through, the new entity will create one of Australia’s largest customer-owned banks. Key components of the merger include the merged entity servicing a vast metropolitan and...

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Financial planning: associate to provisional adviser

The financial advice industry has faced many challenges in recent years due to the Corporations Amendment (Professional Standards of Financial Advisers) Act 2017 commencing and introducing reforms to the Corporations Act 2001 (Corporations Act), to raise the education, training and ethical standards of financial advisers. Although the industry faced teething problems in the beginning with...

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Cyber-hacked Medibank sued by privacy regulator

Health insurer Medibank is facing a possible maximum fine in the trillions of dollars as a result of a 2022 data breach. The Australian Information Commissioner filed proceedings against the insurer for failing to protect its customers’ data with the action welcomed by cyber security experts and former customers. The Office of the Information Commissioner...

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Five generations in the workplace: Managing perceptions and challenges

A recent People at Work study by ADP has revealed that there are for the first time, five different generations in the workforce driving innovation and success at the workplace. The different characteristics of each generation are forcing HR leaders to examine and understand the differences between the generations while making use of their commonalities to ensure organisations...

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Unions call for workers to be at the core of AI regulation

HR Leader reports AI is present in nearly every industry with increasing adoption of AI in global workplaces. As a result, global workplaces need to consider the group most affected by the changes in AI regulation and adoption – the workers. The ACTU is calling for a “worker-centred approach” and recommends including workers in the...

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Artificial Intelligence to dominate financial reporting in three years

Business leaders expect generative Artificial Intelligence (AI) to revolutionise financial reporting, predicting 99 per cent of organisations will use the technology in financial reporting in three years. Business leaders foresee that auditors will be at the forefront of the technology transformation, according to a survey by KPMG International. The study surveyed global financial reporting executives...

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Mortgage brokers dominate home loan market, transform banks’ profit

As reported on ABC News, home loans continue to dominate the profits for banks but recently, the profit margins have been decreasing due to customers preference for mortgage brokers when finding a loan for their homes. Approximately 75 per cent of new home loans are now negotiated through mortgage brokers, continuing to disrupt the historical...

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Corporates pay highest average legal salaries

As reported in Lawyers Weekly, new research from the College of Law shows that law firms on average pay legal professionals less than government and big corporates. The average salary for legal professionals is $102,100 however, this differs across industries and level of experience. Survey results also show that 35 per cent of lawyers in...

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Cautionary approach required to rollout of AI

As reported in the online publication WAtoday, Australia’s privacy commissioner is urging caution in the speed at which AI is being rolled out by big technology companies. Commissioner Carly Kind is concerned that the fast-evolving technology is being deployed without appropriate safeguards in place for citizens. The privacy commissioner has powers to investigate serious privacy...