Financial advice overhaul; RBA rate warning; WiseTech Global raided
Published: August 19, 2026
Financial advice overhaul; RBA rate warning; WiseTech Global raided
News in brief
Reserve Bank of Australia deputy governor Andrew Hauser has warned that the central bank will increase interest rates if price increases look likely. His comments came after figures showed that Australian wages rose 0.8 per cent in the June quarter.
The Australian Competition and Consumer Commission has raided offices of WiseTech Global in a search for documents and electronic data to help assess whether the global logistics software giant engaged in anticompetitive conduct.
The local sharemarket closed down 0.2 per cent to 9,054 points yesterday with the tech index doing worst and the health care sector doing best, in part due to a five per cent surge in CSL after Tuesday’s profit report.
The Lottery Corporation reported lower revenue on the back of fewer major jackpot draws. Last financial year, there was no $100 million Powerball draw for the first time since 2021 and no Oz Lotto $50 million jackpot since 2017. Bigger draws attract more customers.
The world's biggest humanoid robot maker Unitree Robotics made its stock market debut in Shanghai yesterday, with its shares jumping 600 per cent. The listing on the technology-focused Star Market - which is widely known as China's Nasdaq - marks a milestone for Beijing's ambitious plans for the country's robotics industry.
Fear-o-meter
The Super Members Council on new financial advice rules:
The Super Members Council has welcomed the Government's announcement of an integrated package of consumer protection reforms to stop disasters like the Shield and First Guardian collapses, which cost 12,000 Australians more than $1.2 billion in retirement savings.
SMC said this package was “one of the most important consumer safety reforms in a decade, closing safety gaps and raising standards and accountability on those who manage Australians’ super.”
"A world-class system requires world-class safeguards for consumers. These reforms will go a long way to making all Australians' super safer. We look forward to working with Government and Parliament to make them as strong as possible," said SMC CEO Misha Schubert.
SMC welcomed [the] commitments to:
- Tighten controls on lead generation practices that previously channelled consumers into risky super and investment products.
- Push ahead with the long-promised Delivering Better Financial Outcomes reforms to expand access to safe, affordable financial advice.
- Strengthen scrutiny and oversight of advice fees deducted from Australians' super accounts.
- Strengthen obligations on super ‘platform’ funds.
Fear & Greed Q+A today
On the property company's full-year results, including a shift away from office buildings:
“Seventy per cent of Mirvac's balance sheet is what we call income-producing real estate. It's a combination of office buildings and shopping centres, industrial sheds, and then more recently, a lot of what we call build-to-rent and land lease or living sectors.
“So over the last three years, we've been reallocating capital away from our office exposure and reallocating that money into building more industrial sheds and building more of the living sector exposures. So we're well advanced on that program, but still more to do."
The federal government yesterday unveiled a major shake-up of the financial advice industry, with super funds allowed to roll out cheaper advice to millions of members. There are also changes to the compensation scheme for victims of financial misconduct, and new rules for superannuation trustees.
Financial services minister Daniel Mulino said the changes were part of a push to make financial advice more accessible to Middle Australia. The advice provided by the so-called new class of adviser will be less regulated than advice provided by fully qualified financial advisers, he said.
It is a big win for the super companies, but some in the financial advice industry won’t be happy with a new, less expensive and less expert type of adviser.
The rollout of these lower-qualified advisers will be limited to APRA-regulated super funds and insurers for at least the first three years, with banks excluded.
Greed-o-meter
| Industry | Qtr % | Annual % |
|---|---|---|
| Health Care and Social Assistance | 0.5 | 3.8 |
| Electricity, Gas, Water and Waste Services | 0.6 | 3.6 |
| Public Administration and Safety | 1.1 | 3.6 |
| Mining | 1.1 | 3.5 |
| Transport, Postal and Warehousing | 0.3 | 3.5 |
| Information Media and Telecommunications | 1.2 | 3.4 |
| Other Services | 0.1 | 3.4 |
| Manufacturing | 0.7 | 3.3 |
| Construction | 0.8 | 3.3 |
| Arts and Recreation Services | 0.6 | 3.3 |
| Wholesale Trade | 0.5 | 3.2 |
| Rental, Hiring and Real Estate Services | 0.5 | 3.1 |
| Retail Trade | 0.1 | 2.9 |
| Accommodation and Food Services | 0.3 | 2.8 |
| Education and Training | 0.3 | 2.8 |
| Financial and Insurance Services | 0.2 | 2.7 |
| Administrative and Support Services | 0.3 | 2.7 |
| Professional, Scientific and Technical Services | 0.5 | 2.5 |
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Wages are still rising across the economy, but the gains are far from evenly spread. The latest ABS Wage Price Index shows Australian wages increased 3.2 per cent over the year to June, with health care and social assistance recording the strongest growth of any sector. At the other end of the table, workers in professional, scientific and technical services saw wages rise just 2.5 per cent.
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Source: ABS