POWERED BY MOMENTUM MEDIA
Govt ‘superficial’ on super objective
The Government has been guilty of conducting a "superficial" consultation process with respect to defining the objective of superannuation, according to Industry Super Australia (ISA).
ISA has used a submission to the Senate Standing Committee on Economics reviewing the Government's legislation to argue that the proposed approach significantly misses the mark and ignores the broad view of the industry.
"The proposed objective before the committee does not enjoy widespread confidence and support," the ISA submission said.
"It is the result of a superficial consultation process in which the Government has failed to secure the ‘broad agreement' recommended by the Financial System Inquiry".
Further, the ISA submission claimed that the Government's approach had not responded to the many criticisms contained in the 100 submissions received by Treasury.
"Regrettably the minister has not engaged with or sought agreement on a proposed objective that enjoys broad industry and stakeholder support," it said.
The ISA's submission reflected an industry-wide view that the Government's proposed objective, to provide income to supplement the age pension, sets the bar too low.
Recommended for you
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
