POWERED BY MOMENTUM MEDIA
Commbank promises update on SG underpayments
The Commonwealth Bank has undertaken to provide both the Senate Economics Committee and the Finance Sector Union (FSU) with an update of the remediation and review process it put in place to address the underpayment of the superannuation to some of its staff.
The big banking group used an answer to a question on notice from the chairman of the committee, Queensland Labor Party Senator, Chris Ketter.
The review and remediation process was put in place by the bank after complaints from the FSU that it had not been appropriately paying the superannuation guarantee to part-time workers working additional hours.
The banking group said it would provide both the committee and the union with an update on the progress of the review and remediation, including total payments in relation to reimbursement of superannuation for unpaid additional hours for part time workers.
It said this would occur when the bank had completed its internal review, currently targeted for end of June.
Recommended for you
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
