NEWS BITES

Money Magazine Australia - - THIS MONTH -

VanEck has launched a new ETF that of­fers in­vestors ex­po­sure to a di­ver­si­fied port­fo­lio of Aus­tralian float­ing rate notes. The VanEck Vec­tors Aus­tralian Float­ing Rate ETF (ASX: FLOT) tracks an in­dex that in­cludes about 208 Aus­tralian-is­sued FRNs from over 84 is­suers and costs 0.22%pa. Peer-to-peer lender RateSet­ter has teamed with self-man­aged su­per fund (SMSF) ad­min­is­tra­tion provider Xpress Su­per to pro­vide in­vestors with di­rect ac­cess to their RateSet­ter ac­count on the Xpress Su­per plat­form, which will make it eas­ier for SMSF in­vestors to lend money us­ing RateSet­ter’s plat­form. RateSet­ter says in­vestors can get re­turns of up to 9.2%pa us­ing the ser­vice. Ex­ces­sive pay­ment sur­charges will be a thing of the past from Septem­ber 1, when the ban also kicks in for small busi­nesses. This means that any sur­charges on card pay­ments can no longer ex­ceed the cost of pro­cess­ing the pay­ment. This cov­ers Eft­pos, Visa, Master­Card and Amer­i­can Ex­press trans­ac­tions. This ban was ap­plied to large busi­nesses in Septem­ber last year.

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