POWERED BY MOMENTUM MEDIA
Govt intent on undermining financial outcomes: AIST
The Morrison Government seems intent on undermining financial outcomes for Australians in retirement given its latest superannuation proposal, the Australian Institute of Superannuation Trustees (AIST) believes.
Media outlets reported today that the Government was considering giving workers a choice of either putting more money into their super or having more take-home pay. This, the AIST said, would see the Government renege on the legislated timetable to increase the super guarantee (SG) from 9.5% to 12.5% by 2025.
AIST chief executive, Eva Scheerlinck, said: “Consumer research has repeatedly shown that Australians strongly support our compulsory super system rather than one which is opt-in. There is a broad understanding that unless we are compelled to save a portion of our wages, very few of us will have enough money for a financially secure retirement.
“Over the course of working life, an extra 2.5% of super savings could boost the average couple’s retirement nest egg by $200,000.
“There are lots of ways to deal with low wage growth but forcing people to use their retirement savings to fund their own pay rise shouldn’t be one of them.”
She noted that the COVID-19 early release of super scheme had already depleted many low income earner’s super savings and the SG increase would be the difference between a financially secure retirement or one just scraping by.
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(%)
