POWERED BY MOMENTUM MEDIA
Keating calls for further super measures
The former Prime Minister and Treasurer, Paul Keating, has called for Australia to pursue a sustainable post-retirement incomes regime beyond the current compulsory superannuation system.
Addressing the opening plenary of the Association of Superannuation Funds of Australia national conference, Keating advocated the pursuit of policies entailing the use of deferred annuities to cover the needs of those living beyond 85, or alternatively an additional 3 per cent of wages being contributed to a Government-run insurance pool.
He said that while lifting the superannuation guarantee to 12 per cent was welcome, it was not going to be enough to meet Australia's longevity challenge.
The former Prime Minister acknowledged that the original superannuation system had simply not envisaged the longevity issue.
Keating was also critical of the Gillard Government's decision to cut concessional contributions and argued that it would not allow for the de-risking of the age pension.
He said that those aged over 50 should be able to contribute as much as $100,000 if they wanted to.
Keating said the Government's desire to reduce pressure on the Budget was understandable, but failed to take appropriate account of the out-lying years.
Recommended for you
The Future Fund’s CIO Ben Samild has announced his resignation, with his deputy to assume the role of interim CIO.
The fund has unveiled reforms to streamline death benefit payments, cut processing times, and reduce complexity.
A ratings firm has placed more prominence on governance in its fund ratings, highlighting that it’s not just about how much money a fund makes today, but whether the people running it are trustworthy, disciplined, and able to deliver for members in the future.
AMP has reached an agreement in principle to settle a landmark class action over fees charged to members of its superannuation funds, with $120 million earmarked for affected members.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
