Pensioners from across Australia, led by COTA, are calling on the Senate to reject the changes to the age pension that, they say, will affect their standard of living. Under the changes, the pension indexation adjustments will be smaller, the income and assets tests will be frozen and the age pension age will rise to 70.

Corporate failures 

SIC data shows 841 companies entered external administration in Australia during July 2014, the highest number in a month this year, yet the lowest level for the month of July since 2007. External administration appointments grew the most in New South Wales, with continued increases in Victoria, Western Australia and Queensland, according to FTI Consulting.

Industry funds outperform

Industry superannuation funds outperformed bank-owned funds by 1.97 percentage points over past 10 years. SuperRatings data shows industry funds bank-owned super funds over the past one, three, five, seven  and 10-year periods, based the median return of balanced investment options to August 31, 2014.

Mind the gap

Australians spent $158 million in medical gap fees in the first quarter of 2014, despite having private health insurance. Comparethemarket.com.au says this figure suggests most people are not aware that gap fees can largely be avoided, or at least reduced, by using doctors that have a gap cover agreement with their health fund.

NAB fined

National Australia Bank, which owns UBank, has paid $40,800 in penalties after ASIC issued four infringement notices for potentially misleading advertisements. The penalties relate to potentially misleading advertising of a UBank home loan product. Each infringement notice imposed a penalty of $10,200.