POWERED BY MOMENTUM MEDIA
Keeping people working the key
Keeping people working and paying taxes well beyond age 60 represents a key to meeting Australia's longevity challenge, according to Australian Law Reform Commission president Professor Rosalind Croucher.
Speaking on a panel during the Conference of Major Super Funds (CMSF) on the Gold Coast, Croucher said the key in terms of addressing the longevity tsunami was keeping people paying taxes for as long as they can.
Croucher and fellow panelist, Age Discrimination Commissioner, Susan Ryan pointed out the need for Government policy changes to lower the barriers for those aged over 50 to remain in the workforce.
Croucher pointed out that for unemployed people aged over 45, the average time out of the workforce was 62 weeks — something that needed to be addressed.
However Grattan Institute chief executive Professor John Daley warned that a tax and welfare system which favoured mostly older men was serving to create tensions between the old and the young in Australia.
This was countered by Age Discrimination Commissioner Susan Ryan, who said it needed to be recognised how many people aged in their 50s and over wanted to continue to work but were being denied the opportunity to do so.
Ryan said the Government needed to lower the barriers which prevented nearly two million unemployed people aged over 50 returning to work.
Recommended for you
Superannuation funds have posted another year of strong returns, but this time, the gains weren’t powered solely by Silicon Valley.
Australia’s $4.1 trillion superannuation system is doing more than funding retirements – it’s quietly fuelling the nation’s productivity, lifting GDP, and adding thousands to workers’ pay packets, according to new analysis from the Association of Superannuation Funds of Australia (ASFA).
Large superannuation accounts may need to find funds outside their accounts or take the extreme step of selling non-liquid assets under the proposed $3 million super tax legislation, according to new analysis from ANU.
Economists have been left scrambling to recalibrate after the Reserve Bank wrong-footed markets on Tuesday, holding the cash rate steady despite widespread expectations of a cut.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
