POWERED BY MOMENTUM MEDIA
Opposition says no to five year freeze
The Federal Opposition has refused to back a five-year moratorium on significant change to superannuation, claiming some beneficial change is necessary.
The Shadow Assistant Treasurer, Senator Mathias Cormann, said the Coalition had committed to no unexpected negative changes but would pursue those changes it believed to be positive, such as with default funds under modern awards and improving corporate governance.
He said the Coalition would also be moving to fix the excess contributions regime.
Cormann also suggested that the Federal Treasurer, Chris Bowen, would be able to wriggle out of his five-year commitment by not specifying what is “significant”.
Cormann also recommitted the Coalition to delivering on the 12 per cent super guarantee, albeit two years later than the Government.
He said the Coalition’s preference was for industry to self-regulate where possible.
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(%)
