POWERED BY MOMENTUM MEDIA
Govt’s report rejection “out of step with reality” for women
The Turnbull Government’s rejection of key Senate recommendations on reforming super last week is a “setback for the retirement outcomes of Australian women”, the Australian Institute of Superannuation Trustees (AIST) yesterday warned.
The Government rejected all of the key recommendations of the A husband is not a retirement plan: Achieving economic security for women in retirement report, which was released by the Senate Economics Referenced Committee. The reforms rejected included:
- Removing the $450 monthly payment threshold on super;
- Bringing forward raising the super guarantee to 12 per cent;
- Super on paid parental leave; and
- Better targeting of super tax reforms.
The Government pointed to its 2016 Budget reform to extend the spouse offset for superannuation contributions and allow people with super balances under $500,000 to make significant catch-up contributions.
AIST chief executive, Eva Scheerlinck, said that rejecting the Senate report’s reforms and instead emphasising those in the 2016 Budget “was inadequate and out of step with reality”.
“Extending the spouse offset and allowing higher catch-up contributions will do nothing to help ordinary working women who may not have the spare cash to put more into super, nor will it do anything to help divorced and single women who experience some of the poorest outcomes in retirement,” Scheerlinck said.
She also said it was “disappointing” that the Government had taken over two years to respond to the report.
Recommended for you
The Federal Court has ordered AustralianSuper to pay $27 million for failures to address multiple member accounts.
The country’s fourth-largest fund is targeting the “missing middle” of members with a new digital advice service in partnership with Ignition Advice.
The prudential regulator confirmed it is considering BUSSQ’s Federal Court appeal.
The Albanese government has put forward a bold proposal to tackle the challenges of Australia’s swelling retirement pool, in an effort to allow superannuation funds to play a more active role in shaping members’ retirement outcomes.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.78 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
30.80 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
28.31 3 y p.a(%)
