Services sector spending up
Mining investment is falling, but that is being offset by a strong lift in services sector spending. Craig James, of CommSec, says the "baton pass" from mining to non-resource sectors is under way. The good news is that total investment is still advancing, albeit only modestly. The other good news is that businesses are continuing to revise expectations higher in line with the normal or average experience of past years.
Generation Ys costly to keep
Stay-at-home adult children are costing their parents an estimated $5000 a year in extra household costs, according to a study by RaboDirect and most Generation Ys have no idea. Only 38 per cent living at home take steps to reduce utility bills such as turning off lights, minimising unnecessary heating or switching off appliances not in use. The longer Generation Y's stay at home, the less likely they are to want to leave, with just over one-third aged 26 to 29 claiming they loved living at home and never wanted to move out.
Financial advisers' exam mooted
There needs to be a national examination for financial advisers, the chairman of the Australian Securities and Investments Commission, Greg Medcraft, told a parliamentary committee last week. The examination, which Medcraft wants to be overseen by the regulator, should include a compulsory module that includes ethics, with optional modules covering different areas of specialisation. "The exam should also be conducted in a secure environment, to maintain the exam's integrity and to avoid cheating," he said.
