Friday, November 15, 2019

$20.8 billion superannuation goldmine waiting to be claimed, says the ATO

The pool of lost or unclaimed superannuation now exceeds $20.8 billion, according to fresh data released today by the Australian Taxation Office. 

READ THE STORY HERE

ATO assistant commissioner Graham Whyte said that, for some Australians, the super windfall has been life-changing, especially those with uncertain retirement plans. 

Here's my report from The World Today

$20 billion in superannuation is waiting to be claimed, says Australian Taxation Office


A goldmine of lost or unclaimed superannuation now exceeds $20.8 billion, according to fresh data released today by the Australian Taxation Office.

Under new legislation, the Tax Office is working to reunite Australians with missing parts of their retirement nest eggs which remain dormant and unclaimed through job changes, working overseas or by simply moving home.

Last year alone, more than 540,000 active, lost and unclaimed super accounts worth $4.4 billion was recovered and consolidated into accounts through data matching and pressure on super funds to declare inactive accounts.

Assistant commissioner Graham Whyte told the ABC that for some Australians, the super windfall has been life-changing especially those with uncertain retirement plans.

Read the story here 

Source: Australian Taxation Office

Alibaba online event sees $56b sales in single day as downunder companies race to meet surging demand from China's middle class




Chinese online retail giant Alibaba sells $56 billion of products in a single day in the world's biggest online shopping event. 

Australian companies are now racing to get on to the lucrative Alibaba platform selling cosmetics, vitamins, adult powdered milk and baby products boosted by the easing of China's one child policy. 

ABC's Peter Ryan speaks with Alibaba Australia and New Zealand managing director Maggie Zhou and entrepreneurs Jessica Rudd and Elizabeth Barbalich.

Here's my report from The World Today

Thursday, November 14, 2019

BHP boss Andrew Mackenzie to retire, with head of Australian mining Mike Henry to take up top job in January

BHP has appointed Mike Henry to succeed Andrew Mackenzie as the global mining giant's next chief executive.

The appointment of an insider to the high pressure role comes after what the BHP board says was a "thorough succession process".

Mr Henry, a 30 year mining veteran who joined BHP in 2003, is currently the miner's president of minerals operations in Australia.

The Canadian-born Mr Henry inherits a range of challenges from Andrew Mackenzie including a slowing global economy, fallout from the US China trade war, and reputational damage from the 2015 collapse of the Samarco mine in Brazil that killed 19 people.

Read my full story here