Chris Pearce, the Shadow Minister for Financial Services, Superannuation and Corporate Law, has suggested paying out a portion of the superannuation guarantee obligations on behalf of small business employers to help them with their cash flow. The proposal would run for a period of two years.
Pearce said the measure would protect 3.8 million jobs.
“Our proposal would mean that the Commonwealth would contribute a substantial portion of the superannuation guarantee payments that employers are required to make on a quarterly basis,” Pearce said.
The proposal would maintain and contribute to the Coalition’s long-term policy of fostering growth in super and enhance the adequacy of super accounts, Pearce said.
The proposal was likely to save jobs and sustain the level of super contributed to retirement, according to industry sources, the release said.
The central bank has served up a disappointment for punters on Melbourne Cup Day.
The superannuation industry will be judged by its member services rather than how effectively it accumulates wealth, according to Stephen Jones.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.