The news you need to know: September 9 2019

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The news you need to know: September 9 2019

Missed out on today’s headlines? Never fear. Catch up on all the news you need to know that affects small business owners. Here’s what you need to know on Monday, September 9 2019.

Westpac and BT Life hit by super scandal

Two of Australia’s biggest super funds, Westpac Life and BT are being taken to federal court by 1000s of members. The claim: the two subsidiaries of big four bank Westpac have pocketed millions in members’ funds.

In a class-action suit championed by Slater & Gordon, it is alleged BT siphoned member funds to Westpac Life ‘pocketing’ almost half the returns of its members.

Slater and Gordon claim Westpac Life transferred members’ funds to an “externally managed cash fund”, allowing it to “earn substantial fees for providing no valuable service.

“We believe Westpac Life provided no service that could justify it retaining such a large part of the returns generated from members’ money, and we want the difference paid back to members,” Nathan Rapoport, the Slater & Gordon lawyer managing the case told ABC.

Facebook likes to go the way of the dodo

It looks as though the recent decision to stop showing likes on Instagram is soon going to be the norm on Facebook too, with Tech Crunch reporting the social media giant has announced that it may begin hiding likes on its News Feed. The tech site noticed the change being piloted on Android late last week and queried Facebook who confirmed they are considering the measure.

Online retail sales pickup

Retail giants Coles and Woolworths have reported online sales have grown 30 per cent, adding over a billion to the economy. It’s a trend that is emerging across the sector with major department stores such as Myers and David Jones as well as local retailers also reporting a rise in online sales. National Online Retailers Association (NORA) founder, Paul Greenberg, told the Sydney Morning Herald “retailers are realising that if they work their online channels harder, they’re on a good wicket”.

 

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