Australian advisers have received an unlikely boost in their fight against remuneration reforms proposed by the Royal Commission. The Australian Labor Party has withdrawn its support for a fee-for-service model and has instead proposed a flat, lender-funded fee.
Advisers say a proposed capital gains tax on rental properties will not deter professional, long-term investors in the market.
The Tax Working Group (TWG) has recommended that income from capital gains – especially those made on residential rental properties – should be taxed more.
Kiwibank CEO Steve Jurkovich has noted the "unprecedented scrutiny" on bank conduct and culture, after the domestic lender posted a $62 million profit in the six months to December.
New Zealand advisers have an opportunity to raise greater awareness about reverse mortgages, as the product becomes increasingly popular in Australia, according to Heartland Bank CEO Chris Flood.
TSB has hit the market with an aggressive price offer, promising to match any one year home loan rate offered by an "Australian-owned" lender.