POWERED BY MOMENTUM MEDIA
PM rules out borrowing in super changes
The Prime Minister, Tony Abbott, has ruled out making any near-term changes to superannuation based on concerns expressed around the ability of self-managed superannuation funds (SMSFs) to borrow to invest in property.
Asked to comment on a Reserve Bank board reference to the amount of investment in speculative property, the Prime Minister reinforced the Coalition's pre-election commitment to making no surprise or adverse changes to the superannuation regime.
Further, he said the Government would not be in the business of discriminating between different forms of super.
However on the question of whether the Government would consider removing the ability of SMSFs to borrow to buy property, Abbott said he was not going to get into speculation on the issue.
"What we said was that there would be no adverse changes to superannuation under an incoming Coalition Government. That is a commitment that we stand by," he said.
"What we are doing now is calmly, steadily, purposefully moving to implement our commitments and obviously, as situations develop, we will respond as best we can to them, but in keeping with the values, the principles and the commitments which we took to the Australian people before the election."
Recommended for you
Economists from the big four banks have all predicted the RBA to deliver another rate cut during its July meeting; however, some admit the decision will be a close call.
Morningstar believes there is still further to run with the potential takeover of Insignia Financial even with original bidder Bain Capital walking away.
Insignia Financial has announced the status of the two private equity bidders as due diligence comes to an end.
The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
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(%)
