POWERED BY MOMENTUM MEDIA
O’Dwyer denies union agenda in Governance changes
The Federal Government’s legislative changes to superannuation fund governance are not specifically aimed at unions and industry funds, according to the Minister for Revenue and Financial Services, Kelly O’Dwyer.
Interviewed on national television this week, O’Dwyer denied the governance changes had anything to do with the Government’s agenda with respect to trade unions, or recent actions with respect to the Australian Worker’s Union (AWU).
The minister said the Government’s legislation was not simply one measure.
“We’ve got a superannuation system that we force people into because we want them to save for their retirement,” she said. Twenty-five years ago, it was worth about $136 billion. Today it’s over $2.3 trillion. That’s the retirement savings of millions and millions of Australians.”
“All we are seeking to do is to give the regulator powers to protect that money. To give them the powers to intervene before harm occurs. To make sure that that money is protected,” O’Dwyer said.
“And the laws apply to everyone, whether they’re in retail funds, industry funds or corporate funds. It applies equally across the board so that members can be confident that the decisions that are being made around their money is in their best interests.”
AUTHOR
Mike Taylor
Recommended for you
Superannuation funds have posted another year of strong returns, but this time, the gains weren’t powered solely by Silicon Valley.
Australia’s $4.1 trillion superannuation system is doing more than funding retirements – it’s quietly fuelling the nation’s productivity, lifting GDP, and adding thousands to workers’ pay packets, according to new analysis from the Association of Superannuation Funds of Australia (ASFA).
Large superannuation accounts may need to find funds outside their accounts or take the extreme step of selling non-liquid assets under the proposed $3 million super tax legislation, according to new analysis from ANU.
Economists have been left scrambling to recalibrate after the Reserve Bank wrong-footed markets on Tuesday, holding the cash rate steady despite widespread expectations of a cut.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
