Internal compliance costs surpassing $1m annually for licensees; The sole business model to see positive growth

Two-thirds of all licensees are paying over $1 million annually in internal compliance costs, including 13 per cent of those with less than 100 staff and representatives, according to Holley Nethercote.

The financial planning-accounting business model is the only one to have seen growth in its adviser numbers since 1 July 2022, according to Wealth Data.

Although on the fence about the replacement of governor Philip Lowe, economists have welcomed his successor, deputy Michele Bullock, as a sign of structure and continuity at the central bank.

According to Betashares analysis, Australian ETFs have seen $4.8 billion in net inflows since the start of 2023 and total funds under management are expected to cross $160 billion by the end of the year.

Prime Minister Anthony Albanese has announced the successor for Philip Lowe at the Reserve Bank of Australia.

The Financial Regulator Assessment Authority has released its review of the Australian Prudential Regulation Authority.

Australia’s nascent tech sector was the leader in the last financial year while financials and materials, which make up half the ASX 200, saw slower returns.