Going through with the legislated superannuation guarantee (SG) increase over the next five financial years is a good step in stemming the growing inequality in the country, according to Rice Warner.
In an analysis, the research house said there would be several positive impacts of increasing the SG including:
Rice Warner noted low wage growth had presented middle Australians with significant challenges to their short-term financial security and living standards.
“When coupled with soaring asset values and the structural factors driving that rise, low wage growth also threatens their medium-term financial security and living standards,” it said.
“Let us not threaten their long-term financial security and living standards as well by retreating from our commitment to what is globally recognised as one of the very best retirement systems. Instead, let’s focus on ways to improve the system and make it even better.”
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.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.
Assistant Treasurer Stephen Jones has defended the government’s plan to modestly cut tax concessions for Australia’s wealthiest superannuation accounts, saying it is a “fairer outcome”.