$17b shopping spree: Black Friday sales set to break records
Shoppers expected to splurge over $17 billion on Black Friday, financial advisers slammed for poor SMSF advice, and CHOICE slaps CommBank with a Shonky award. Here are five things you may have missed this week.
Aussies set to drop $17 billion-plus on Black Friday shopping frenzy
The countdown is on for Black Friday, the global discount event that kicks off on 28 November.
Westpac is predicting record-breaking consumer spending, with last year's $17.7 billion spending likely to be smashed as Aussies embrace global retail platforms.
"Continued growth in international marketplace spending signals a shift in consumer behaviour," says Carolyn McCann, Westpac Chief Executive, Consumer.
"Following last year's record-breaking Black Friday period, we expect November 2025 to set a new benchmark for overseas purchases, as shoppers plan ahead to stretch their dollar further."
Consumers are being warned to take care shopping online.
"We urge shoppers to stay alert," says McCann.
"Scammers know that during busy sales events, people are often in a rush and may not take the time to verify a deal. Take a moment to think before you click.
"Every purchase made with a reputable Australian retailer this Black Friday is an investment in our communities and a safer choice," McCann adds.
Dodgy advice putting retirement savings at risk
Close to 42,000 new self-managed super funds (SMSFs) have been set up over the last 12 months, joining the ranks of a sector that now controls 25% of Australia's $4.3 trillion superannuation pool.
But SMSFs aren't for everyone, and investment watchdog ASIC has slammed the financial advice industry, saying poor advice around establishing SMSFs could be putting retirement savings at risk.
In a review of 100 advice files relating to setting up SMSFs, ASIC found barely one-third - 38 of 100 - complied with advisers' obligations to act in their clients' best interest.
Over one-quarter - 27 files, raised "significant" concerns about whether a SMSF was even suitable for the client in the first place.
Alan Kirkland, ASIC Commissioner, says financial advisers who recommend SMSFs without properly considering if it is the right move for their customers, are not helping clients take control of their future - they are placing it at risk.
"Financial advisers should be providing their clients with rigorous, well considered advice, not simply acting as order-takers," adds Kirkland.
ASIC is considering what action it will take from here.
In the meantime it's a shout out to anyone thinking of using a SMSF to choose their financial adviser with care.
CommBank, HCF and Temu top the 2025 Shonky awards
Consumer group CHOICE has handed out this year's Shonky awards for dodgy products and providers.
CommBank took out a Shonky for failing to refund $270 million in unfair fees charged to low income earners.
The Commonwealth Bank responded to its Shonky with a minimalist 4-line press statement explaining that the bank is committed to making "goodwill adjustments where appropriate" and "certain" fees have been paused for eligible concession customers.
Health fund HCF received a Shonky for bypassing government approval for premium hikes by closing its Premium Gold policy, and opening a near-identical Optimal Gold policy with a 34.6% higher premium.
Budget online retailer TEMU took out a Shonky for its poor track record on safety.
CHOICE tested 15 randomly selected coin and button battery-operated products from Temu, with every product failing at least one requirement of Australian button battery regulations.
Skimpflation sends chocoholics into crisis mode
Chocolate lovers could be facing a crisis.
Rabobank says retail chocolate prices have soared 51% globally in recent years due to poor harvests, ageing cocoa trees and crop disease.
RaboResearch analyst Paul Joules says in a bid to keep shelf prices down, chocolate manufacturers are looking beyond shrinkflation (charging more for less) and embracing "skimpflation".
That's where the quality of the product falls but not the price.
Joules says some manufacturers are changing recipes to lower the cocoa content, often replacing cocoa butter with cheaper fats or fillers.
Skimpflation has reached the point in some European markets, where a variety of chocolate products no longer meet the legal definition of "chocolate," forcing brands to update product descriptions.
The price of cocoa is expected to ease back by around 2027.
In the meantime, if something seems to be missing from your favourite chocolate bar, it could be...the chocolate.
Aussies focus on paying off debt, cool on growing savings
Amid dashed hopes of a November rate cut, households are shifting their financial goals towards paying down debt.
A survey by Agile Market Intelligence found repaying debt has become the chief financial priority for 43% of Australians with debt.
Growing savings is taking a back seat, with only 34% saying this is their chief goal.
The focus on debt reduction is especially strong among mortgage holders.
Over two in three (66%) people with a home loan say paying down their mortgage tops their financial goals.
It's a strategy that can make good financial sense.
Higher rates of interest on debt mean you'll almost always save more paying down a loan than you'll earn on separate savings.
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