Friend,

Below you'll see ASIC's new winner (litigation based on poor cybersecurity risk management) and, sadly, a familiar story (a fund manager in trouble, therefore freezing redemptions) this time about a private credit player. There's also more on the new super tax.

If you've kept an eye on recent news about the "$3 million super tax", you may have noticed a hole in reporting. The missing information, in most media, has been the real dollar impact of the new tax on the people it affects. In the past, before online super calculators, the media would research, write, and publish fact-based case studies that walked through an individual scenario. Or even better, publish tables of numbers showing the impact on people in different financial circumstances.

Thank you, Patrick Commins, for reminding us what "good" looks like in personal finance reporting. It looks like your June article, which showed real dollars and (now un-)common sense calculations. Much reporting still doesn't have this.

So what? If you, like us, deal with the media, perhaps help them with calculations to support your super, insurance, or investment commentary, so they can, in turn, help their readers.

On our radar

Policy and regulatory developments that may shape your risk or return

ASIC sues Fortnum over alleged cyber‑risk failings

ASIC has taken Fortnum Private Wealth to the NSW Supreme Court, alleging weak cyber‑risk governance left clients exposed. Regulators claim the firm lacked proper policies and oversight, breaching obligations to manage operational risks. The case is part of ASIC’s wider crackdown on poor cyber hygiene across the finance sector.

New super tax to push investors out of funds

Parliament is set to pass a 30% super tax on balances above $3 million, applied to unrealised earnings and layered on top of Div 293. Advisers warn high‑net‑worth and aspirational investors will retreat from super as topping up loses appeal.

The heat turns up on private credit funds

ASIC has ramped up surveillance of private equity and private credit managers, zeroing in on governance, valuations and conflicts of interest. Around $30 billion in funds, including those run by Metrics Credit Partners, are under scrutiny amid concerns over transparency and compliance with regulatory standards.

This week's market movers

Big plays, bold bets, and (occasional) unconfirmed speculation

Merricks freezes $1.2 b private credit fund redemptions

Merricks, managing nearly $3 billion in total funds, has halted redemptions from a $1.2 billion vehicle, citing liquidity strain tied to a recent $400 million loan and unexpected outflow requests. Investors are now offered locked fund units with returns tied to new capital inflows or repayments.

China mega dam sparks bullish iron‑ore rally

China has kicked off construction of a $170 billion mega hydropower dam in Tibet, triggering a rally in construction, power and steel-related stocks across Chinese and Hong Kong markets.

Miners, unions face off over AI

The Minerals Council has warned that union involvement in AI investment decisions could slow automation. Unions argue worker input is critical to job security, and showcases growing friction over tech adoption in a productivity-heavy sector.

Sophie is an Associate Director here at BlueChip. With 7 years in the industry, she has extensive experience delivering exceptional media outcomes for clients across funds management, superannuation, insurance, clean energy, banking and wealth management. She is known for her determination and creative ability to bring clients' key messages, and strategy, to life in media stories. Outside work, she enjoys discovering new restaurants in Sydney's lively food scene, collecting stamps on her passport, and following Formula 1.

Best,

Carden | she/her (here’s why that matters @work) 

WINNER: PRIA LEADER OF THE YEAR 2022

FINALIST: PRIA LEADER OF THE YEAR 2023

FINALIST: B&T LEADER OF THE YEAR 2023