Latest news with #DanPeled
Perth Now
22-07-2025
- Automotive
- Perth Now
Australia's frustration with motor insurance grows
Slow processing of vehicle insurance claims helped make it the most maligned financial product. (Dan Peled/AAP PHOTOS) Slow processing of vehicle insurance claims helped make it the most maligned financial product. (Dan Peled/AAP PHOTOS) Credit: AAP Australians are fed up with motor vehicle insurance, with complaints about stalled claims surging as parts and labour shortages drag on repair times. Motor insurance was Australia's most maligned financial product in 2024, with total complaints jumping by a third in the year to June 30, 2025, according to the Australian Financial Complaints Authority. "A lot of issues there around shortages in both labour and parts are impacting that, but clearly there's a lack of communication and really helping consumers through that period," AFCA chief ombudsman David Locke told AAP. Consumer credit insurance complaints jumped 184 per cent, which included add-on products such as loan termination insurance, tyre insurance, and coverage for missed payments. "Some of this was covered in the banking royal commission years ago, and we're still dealing with some some of these complaints," Mr Locke said. Total insurance complaints surged 17 per cent to more than 34,000, while complaints about financial or investment advice jumped 18 per cent to 4200, after the collapse of several investment funds now under investigation by the Australian Securities and Investments Commission. "We've seen examples of advisers recommending products because of financial incentives, particularly around self-managed super funds," Mr Locke said. The authority reported 100,745 complaints in 2024/25, an easing from a record of nearly 105,000 the year before. "This number is still way too high, and financial firms need to do a better job of resolving issues," Mr Locke said. Banking and finance complaints fell nine per cent to roughly 54,600, helped by a near-halving of scam-related complaints on the year before. Superannuation complaints fell by 16 per cent to 6164, as issues around claim handling delays dropped by 39 per cent. "The reduction in superannuation complaints is a positive sign ... but we're still concerned that the top three issues relate to service quality and we urge superannuation funds to improve service standards," Mr Locke said. The authority has received roughly 570,000 complaints since it was established in 2018 following the Royal Commission into Banking, Superannuation and Financial Services, and has since helped consumers secure 1.8 billion in compensation or refunds.
Perth Now
22-07-2025
- Business
- Perth Now
Restaurants, building firm insolvencies remain high
Insolvencies remain trending higher among the food and beverage sector, CreditorWatch says. (Dan Peled/AAP PHOTOS) Insolvencies remain trending higher among the food and beverage sector, CreditorWatch says. (Dan Peled/AAP PHOTOS) Credit: AAP The level of Australian businesses going under appears to be stabilising, but firms are still becoming insolvent at record-high numbers. Restaurants and construction firms remain hardest hit in CreditorWatch's monthly Business Risk Index, which found more than 14,000 businesses went bust in the 2024-25 financial year. But income tax cuts and government cost of living measures have helped the rate of insolvencies plateau, CreditorWatch said. And with defaulted payments falling 6.5 per cent in June, there is some hope the overall health of businesses is on the up. "It's a promising signal business cash flow pressures may be easing, but with insolvencies still running 33 per cent above 2024/25 levels, and particularly elevated in hospitality and construction, I'm not getting too excited just yet," CreditorWatch CEO Patrick Coghlan said. "We'll continue to monitor for early signs of sustained recovery, but the next six months will be critical for determining whether insolvency rates begin to fall or remain stubbornly high." Businesses were struggling to stay afloat in typically stable sectors such as health care and education, showing the breadth of the economic strain, Mr Coghlan said. Hospitality businesses remain under the pump, with one in 10 closing in the year to June 2025. While insolvencies have plateaued generally, they remain trending higher among the food and beverage sector. Australian Restaurant and Cafe Association CEO Wes Lambert said it was no longer a case of if a hospitality business would close, but rather which one would shut it doors. "It's a real threat for many businesses in the hospitality industry, especially those in CBDs with work-from-home now fully enshrined into employment culture, and with tourism remaining at levels not seen since 2016," he told AAP. "Demand is low while wages, rents, utilities, insurance and other expenses are between 30 and 50 per cent higher than they were before COVID-19." Mr Lambert said Australia needed to attract more tourists, and needed genuine discussion about the cost pressures on industries such as hospitality. A quarter of all business that became insolvent in 2024/25 were in the construction sector. But given the large overall number of construction businesses, less than one per cent of all of them became insolvent. CreditorWatch labelled a rise in education and healthcare insolvencies "somewhat unusual" given both sectors are largely underpinned by government funding. Education was hit by immigration and foreign student policies, they found. The 14,716 business insolvencies recorded in 2024/25 was a massive 33 per cent jump year-on-year.
Perth Now
24-06-2025
- Business
- Perth Now
‘Sharp': Dark warning for major Aussie state
Queensland's finances are on shaky ground after a reduced slice of the GST, credit ratings agency S&P Global Ratings says. The updated rating comes as the state government released its budget Tuesday, showing next year's deficit will rise by $1.7bn to $8.6bn. 'Today's Queensland budget highlights a sharp deterioration in the state's finances,' S&P's government ratings director Anthony Walker said in a note. 'The negative outlook on the credit rating highlights the size and pace of the state's fiscal decline, rising debt levels and potentially weaker liquidity coverage. Premier David Crisafulli had promised debt would be lower under his government. Dan Peled / NewsWire Credit: News Corp Australia 'The new government has refreshed, rather than redesigned, the state's fiscal strategy, with a greater emphasis on stabilising its ratio of non-financial public sector debt to revenue. Debt continues to rise to fund operating deficits and a growing infrastructure budget.' S&P points to falling coal royalties, the reduced GST allocation and the previous Labor government's decisions for the state's fiscal deterioration. On Tuesday, Treasurer David Janetzki delivered the first Liberal National budget in more than a decade. The LNP administration has trimmed net debt to $205.7bn by 2028-29. Treasurer David Janetzki, centre, delivered the first Liberal National budget in a decade on Tuesday. Dan Peled / NewsWire Credit: News Corp Australia Mr Janetzki promised the electorate Queensland was 'on a path to surplus', with the budget papers showing a healthier deficit of $1.1bn by 2029. 'We are front-loading investment into jobs and services that will bring long-term benefits to the Queensland people,' he said. But S&P points to elevated risks for the state's credit rating 'if fiscal and debt ratios are structurally weaker than in the past with little prospect of improvement within the next two years'. 'It shows debt is increasing to cover the state's weak operating position and fund its large infrastructure pipeline,' Mr Walker said. 'We don't believe Queensland is overly exposed to ongoing global uncertainties compared with other Australian states.'
Perth Now
29-05-2025
- Health
- Perth Now
‘Dropped the ball': Dire Covid warning
Covid vaccination rates in Queensland are at their lowest since the jabs were introduced five years ago, with health professionals warning that the virus still poses a 'serious threat' to the community. Fewer than 250,000 Queenslanders have received their free Covid booster this year, prompting urgent calls from doctors to people who have not yet been vaccinated to get the jab. Fewer than 250,000 Queenslanders have received their free Covid booster. NewsWire / Dan Peled Credit: News Corp Australia The calls come as new data from the Department of Health, Disability and Ageing revealed that more than 15,000 Covid cases had been reported in Queensland since January, with almost 3000 people hospitalised with the virus. 'We have dropped the ball with Covid-19 vaccinations, but this disease is still very prevalent in the community and poses a serious threat to high-risk patients,' Mater director of infectious diseases Paul Griffin said. 'Particularly for high-risk people, it should now be a once-a-year booster, just like the flu vaccine is, and with winter here next week, now is the time to get vaccinated and it's safe to get them both together. Australians have 'dropped the ball' when it comes to vaccination. NewsWire / Adam Yip Credit: News Corp Australia 'There are hundreds of different strains of Omicron, and the new subvariant NB. 1.8.1 is driving up infections and hospitalisations, particularly in Asia and Western Australia. 'The best way to protect yourself and your family is to get the newest booster which provides very good coverage, is safe, and will reduce the severity of your symptoms if you contract Covid-19.' Queensland health providers are dealing with high cases of both flu and RSV, in addition to Covid. More than 2000 Queenslanders have been hospitalised with the flu this year. Cases are up more than 30 per cent from the same time last year, but only a quarter of Queenslanders have been vaccinated. More than 2000 Queenslanders have been hospitalised with the flu this year. NewsWire / Nicki Connolly Credit: News Corp Australia 'We are at our lowest levels of vaccination and protection in five years and with early rises in cases with winter approaching, the impact on our healthcare system could be significant, particularly with high levels of flu and RSV,' Professor Griffin said. The Covid and flu vaccines are free in Queensland and available at most pharmacies and GP clinics, and they are safe to receive at the same time In addition to Covid and the flu, about 12,000 cases of RSV have been reported in Queensland this year, with more than 1500 people hospitalised. 'More than half of these hospitalisations have been for the most vulnerable in our community, babies less than six months and people over 65,' Professor Griffin said. In addition to Covid and the flu, about 12,000 cases of RSV have been reported in Queensland this year. NewsWire / Dan Peled Credit: News Corp Australia RSV is the leading cause of hospitalisation for babies in Australia, and Queensland recorded the highest number of deaths due to RSV last year. RSV vaccinations are free for pregnant women, with immunity then passed onto babies up until they are six months old.
Perth Now
27-05-2025
- Business
- Perth Now
Young Aussies tipped to work until they drop
The Boomers are the last generation of Australians who feel semi-confident about being able to retire, with younger people saying they will work until they drop. New data released by People2People shows only 7 per cent of Gen Z and 8 per cent of Millennials believe they will one day be able to retire. The outlook is so grim that three in five older Aussies even think young Australians will never be able to stop working, something that the majority of younger Australians agree with. People2People head of HR solutions Suhini Wijayasinghe says the data should be a wake-up call for Australians. Aussies workers now believe they will need to work until their late 70s. NewsWire / Dan Peled Credit: News Corp Australia 'Younger generations aren't just adjusting expectations, they're preparing for the reality of working longer,' she said. Younger Australians are not just expecting to work for longer, they also believe they will be able to work into their 70s. More than half of the younger Australians asked said they can work until at least 70 while 38 per cent say they can work into their late 70s. People2People survey data follows the ABS latest seasonable unemployment data which shows the unemployment rate remained at 4.1 per cent despite 89,000 new Aussies finding a job in April. The addition of 6000 unemployed people meant the labour force grew by 95,000 people and the participation rate rose by 0.3 percentage points to 67.1 per cent. The participation rate for 35-44 year olds had the largest annual growth, up 1.9 percentage points to 88.3 per cent. Australian workers are looking to stay employed for longer. NewsWire / Nicki Connolly Credit: News Corp Australia Despite the growing expectation of having to work for longer, around a third of Australians across all generations are still hoping to be able to exit the workforce by the age of 65. But keeping a job for these young Australians could prove problematic. According to the survey data nine in 10 Australians believe employers rarely or never higher people near or past retirement with a third saying Australians over 65 have virtually no chance of getting a job. 'We have an ageing population and a declining birthrate,' Ms Wijayasinghe said. 'Inaction on age inclusion isn't just unfair, it's economically unsustainable. Creating age-inclusive workplaces is no longer optional. It's a strategic imperative. 'As the workforce evolves, so must employer mindsets. 'Ending ageism isn't just about ticking boxes, it's about fostering inclusive cultures where employees of all ages can thrive, contribute, and feel genuinely valued.'
