A new name for First State Super

With already two brands under the First State Super banner, its super fund First State Super and StatePlus its advice business, the July merger with VicSuper will means a third brand.

In mid-September First State Super and StatePlus will change its brand to Aware Super.

Media Super and Cbus joint arrangement due diligence

Media Super and Cbus Super have signed a memorandum of understanding and will commence due diligence on a joint arrangement to be in operation in 2021.

Media Super oversees just under $6 billion in retirement savings for workers mostly in the printing, arts, media, and entertainment industries. Cbus is a $54 billion dollar fund primarily for workers in the building, construction, and allied sectors. The joint arrangement will potentially manage the retirement savings of over 800,000 Australians.

The partnership will see a merging of the funds’ investment and administration operations with both the Cbus Super and Media Super branding maintained.

First Nations Foundation launches Indigenous superannuation learning resource

Australia’s Indigenous financial literacy charity, First Nations Foundation, has launched an online resource to help Indigenous Australians find, manage, and grow their superannuation.

The new website IndigenousSuper.com.au has been launched to help Indigenous Australians learn about their superannuation. It provides users with a ‘five-step’ plan to take control of their super that includes sections on Knowledge, Find It, Grow It, Protect It, and Plan It.

“First Nations Foundation aims to achieve financial prosperity for Indigenous Australians, and it is well known that Indigenous Australians have lower super balances than the rest of the population, so helping our people harness the power of their superannuation is of critical importance,” FNF CEO, Phil Usher, said.

The platform has been supported by a number of superannuation funds and financial services providers, including AustralianSuper, Cbus, MLC Wealth, Suncorp, TelstraSuper and UniSuper.

HESTA calls on Government re climate change policies

HESTA is calling on the Australian Government to encourage large-scale investment in a green recovery by setting a 2050 ‘net zero’ emission reduction target and providing a clear pathway towards transitioning our economy to a low-carbon future.

In its submission to the Government’s Technology Investment Roadmap discussion paper, HESTA warns that without urgent climate action, global investors will be increasingly unwilling to invest in Australia as they manage climate change risk.

HESTA CEO Debby Blakey said institutional investors like HESTA have an important role to play in the push to de-carbonise Australia’s economy but a key risk to members was a disorderly, rushed transition.

“We are at a critical juncture – the time to choose and commit to a low-carbon economy is now. We don’t want to see a carbon-led recovery that locks in long-term emissions and increases the risk of assets becoming stranded,” Blakey said.

“Climate change represents a financial risk and leading global investors are already putting in place strategies to drive down the carbon in their portfolios and invest more in opportunities arising from the need to transition the world economy.”

CSIRO launches Australia’s first accredited face mask testing facility

Australia’s national science agency, has launched the nation’s first accredited surgical face mask testing facility in Melbourne today, to help frontline health workers in the fight against COVID-19, while supporting Australian business.

Accredited by the National Association of Testing Authorities (NATA), the new facility has the capacity to provide a rapid turnaround on surgical face mask testing, helping manufacturers fast-track the supply of masks for frontline healthcare workers.

It is also a boost for Australian companies who will not need to send masks and materials overseas for testing, saving time and money.

CSIRO chief executive Dr Larry Marshall said: “It’s inspiring to see Australian science enabling Australian businesses to supply life-saving surgical face masks to protect our frontline health care workers – yet another way science is tackling the COVID-19 pandemic.”

AAP sale formalised

The sale of Australian Associated Press to a consortium of impact investors and philanthropists has been formally completed, ending 85 years of ownership by Australia’s major publishing groups.

The national news agency will continue to provide a trusted breaking news service with a team of journalists and photographers, most of whom have joined the new organisation from the legacy business.

The AAP name and brand will be retained.