Australia’s retirement savings gap to reach $9 trillion if steps not taken

The World Economic Forum says that steps need to be taken, potentially including default retirement phase structures, if Australia is to avoid the retirement savings gap reaching $9 trillion by 2050. “Pension systems around the world all face a common problem – the strain put on existing promises for retirement… Read More »Australia’s retirement savings gap to reach $9 trillion if steps not taken

APRA uses new directions power, puts licence conditions, on AMP super

APRA has used its new directions power, and imposed additional licence conditions, on AMP super. APRA announced that it has issued directions and put new licence conditions on AMP Superannuation Limited and N.M Superannuation Proprietary Limited – which both make up AMP Super. The prudential regulator said it had done… Read More »APRA uses new directions power, puts licence conditions, on AMP super

ATO sent incorrect excess non-concessional contributions determinations

The ATO sent incorrect excess non-concessional contribution determinations to some clients, and is now taking steps to fix the issue. The ATO says it has identified a “system error” that led to it, inadvertently, sending “incorrect pre-dated excess non-concessional contributions determinations to clients”. In response, the ATO says it will… Read More »ATO sent incorrect excess non-concessional contributions determinations

More people are retiring with high mortgage debts. The implications are huge

Written by Rachel Ong ViforJ, Curtin University and Gavin Wood, RMIT University. The number of mature age Australians carrying mortgage debt into retirement is soaring. And on average each mature age Australian with a mortgage debt owes much more relative to their income than 25 years ago. Microdata from the… Read More »More people are retiring with high mortgage debts. The implications are huge