THE NEWS WRAP: Investors turn to traditional media for advice
Online business advice has become increasingly important to investors, while many believe social media delivers them “no real benefits”, according to a new survey.
The research, conducted by Colmar Brunton, found that 54% of investors believe social media content delivers “no real benefit” to investors, while 36% say online business media has become more important to them over the past 12 months.
Meanwhile, just 5% of respondents rely on financial planners or brokers for investment decisions.
Reserve Bank raises concerns about the big four banks expanding into Asia
The Reserve Bank has raised concerns that Australia’s big four banks are pushing into Asia too quickly, without adequately considering the risks.
“Moving into any new market poses a range of risks that banks need to manage carefully,” the RBA states.
“These risks would probably be heightened if expansion were overly rapid and not backed by a deliberate and well-founded strategy.”
Superannuation industry increasingly concerned over government reforms
The superannuation industry is becoming increasingly worried federal government reforms to the system are being motivated more by the need to raise revenue for the NDIS and the Gonski school funding changes rather than the long-term viability of the system.
“We are concerned that the current government may make changes to the superannuation system that are about short-term revenue needs rather than long-term retirement incomes policy,” Pauline Vamos from the Association of Superannuation Funds said.
“I think there have been a number of red flags. There's no doubt there is a conversation about every single budget line, but we need to remember that superannuation is owned by consumers.”
The Dow Jones Industrial Average fell by 0.23% to 14,526.16. The Aussie dollar is down to US104.49 cents.