NEWS BITES

Challenger will pay $35 million to buy Catholic Super’s MyLife MyFinance banking business. Challenger says term deposits are a significant asset class for retirees and the deal gives it an opportunity to play a greater role in supporting the retirement incomes of customers and attracting new customers.

Household wealth has hit an all-time high of $11.35 trillion as Aussies batten down the hatches. The previous high-water mark of $11.24 trillion was recorded in the December quarter of 2019. Residential assets, deposits and superannuation balances accounted for most of the growth.

The tax office has thrown its weight behind self-managed super funds, signalling greater support and collaboration. “With all the challenges of 2020 it has never been clearer that our best success comes from working in partnership with all our stakeholders across the SMSF sector, and I look forward to continuing these relationships of mutual support and collaboration,” says ATO assistant commissioner Justin Micale.