An accounting body has called on the Government to publicly respond to the Productivity Commission report into superannuation. Chartered Accountants Australian and New Zealand (CAANZ) has, in its 2019/20 Budget submission, encouraged the Government to announce which superannuation-related recommendations of the Productivity Commission it “intends to fully accept, take up… Read More »Government should respond to Productivity Commission super report
Productivity Commission – efficiency and competitiveness of superannuation
Productivity Commission has been conducting inquiries into superannuation, including the efficiency and competitiveness of the super system and alternative ways to select default funds.
The Australian Council of Trade Unions (ACTU) has supported an industry super fund call for an inquiry into the performance of smaller SMSFs. Ian Silk, CEO of industry super fund AustralianSuper, told the Conference of Major Superannuation Funds that the industry fund sector would like a “revamped and smaller SMSF… Read More »ACTU supports industry fund call for inquiry into small SMSFs
The recent report by the Productivity Commission into superannuation has been criticised as not properly comparing the fees of SMSFs and larger APRA-regulated funds, with fees for SMSFs under $500,000 in assets potentially double the true figure. SMSF Association CEO John Maroney said the Commission “has adopted an ‘apples and… Read More »Productivity Commission comparing apples and oranges with SMSF fees
Making the Future Fund a superannuation fund, as the Government may be considering, could leave retirees $124,850 worse off at retirement.Read More »Future Fund as super fund could leave retirees $124,850 worse off
A top 10 list of super funds is likely to mostly comprise industry funds – eight based on current figures – Roy Morgan finds.
A key recommendation of the Productivity Commission report into the super sector was for a top 10 ‘best in show’ list of super funds to be shown to new entrants to the workforce. Though this recommendation has been criticised by groups including industry funds, retail funds and the Labor party. The Government has yet to respond to the report.Read More »Industry funds likely to dominate Productivity Commission top 10 list
The Productivity Commission has released the report of its inquiry into the efficiency and competitiveness of the superannuation system and if new ways to allocate default funds are needed. The report recommends new workers are allocated to a default fund once – after being shown a list of up to 10 top funds. Other recommendations include changes to advice around SMSF.Read More »Productivity Commission recommends only minor SMSF changes
The Productivity Commission has given its report on the efficiency and competitiveness of superannuation to the Government. Though it might not be released before the next Federal election.
Update: The Government has released the Productivity Commission report, but is waiting for the final report of the Banking Royal Commission before giving its response to the recommendations.
The Productivity Commission says it handed the final report of its inquiry into the efficiency and competitiveness of Australia’s superannuation system to the Government on 21 December 2018.Read More »Productivity Commission has handed super system efficiency & competition report to Government
Merging more superannuation funds could boost retirement savings by $22,000 per member, if the resulting savings are passed on as fee reductions, the Productivity Commission has found. The Productivity Commission has been releasing research as part of its inquiry into the efficiency and competitiveness of the superannuation system. The latest… Read More »More super fund mergers could boost member balances by $22,000
SMSFs are actually outperforming APRA-regulated super funds, despite initial findings of the Productivity Commission to the contrary, Class Limited has found. Class says that a “like-for-like” Return On Assets (ROA) calculation shows an average 5.59% return for SMSFs compared to 4.98% for APRA funds over a 10 year period. On… Read More »SMSF investment returns outperform APRA funds, Class finds
SMSF costs are competitive, if you get good data, according to software company BGL. There has been growing concern that the Productivity Commission may recommend a minimum balance in order to have an SMSF, driven by seemingly high costs. However BGL says the Productivity Commission is using “outdated and incorrect… Read More »Minimum $1 million balance for SMSFs “simply rubbish”