News

Overwhelming support for 12% Super Guarantee rate by 2025

There is “overwhelming” support for increasing the Super Guarantee rate to 12% by 2025, polling commissioned by the Association of Superannuation Funds of Australia (ASFA) has found. The polling found 79.9% support (either ‘strongly support’ or ‘support’) for gradually increasing the Superannuation Guarantee rate from its current 9.5% to 12%… Read More »Overwhelming support for 12% Super Guarantee rate by 2025

Easier for Millennials to save a home deposit without Super Guarantee

The Centre for Independent Studies argues that younger people would find it easier to save for a home deposit with lower levels of compulsory superannuation contributions. The Centre for Independent Studies (CIS) policy paper, Millennials and Super: the case for voluntary superannuation, doesn’t make any firm recommendations, but does strongly… Read More »Easier for Millennials to save a home deposit without Super Guarantee

Industry super funds gaining on SMSFs, retail funds losing on rollovers

Industry super funds are gaining on SMSFs in terms of superannuation assets, while retail funds are losing money to rollovers, according to the latest statistics from APRA. The APRA Quarterly Superannuation Performance statistics for March 2019 has total superannuation assets at $2,782.6 billion, up 6.7% from March 2018. Industry funds… Read More »Industry super funds gaining on SMSFs, retail funds losing on rollovers

Treasurer would like to establish review of retirement incomes system

Treasurer Josh Frydenberg intends to set up a review of the retirement incomes system. The Treasurer told the Australian Financial Review that he would consult with the Cabinet and Treasury to implement the recommendation of the Productivity Commission for an independent inquiry into the retirement incomes system. “My intention would… Read More »Treasurer would like to establish review of retirement incomes system

Retail super fund members are misinformed, and they don’t know it

Many retail super fund members are misinformed about their super funds, and they don’t know it, research released by AIST has revealed. The research, commissioned by the Australian Institute of Superannuation Trustees, found a “high level of confusion” amongst retail super fund members. While many retail fund members were confident,… Read More »Retail super fund members are misinformed, and they don’t know it

Isolated price rises, and low interest rates, putting pressure on retirees

Low interest rates, combined with rising costs in some areas, is putting pressure on retirement budgets. Costs for retirees were largely stable over the March 2019 quarter, according to the ASFA (Association of Superannuation Funds of Australia) Retirement Standard. The cost of the ‘comfortable’ retirement was up 0.1% for couples… Read More »Isolated price rises, and low interest rates, putting pressure on retirees