POWERED BY MOMENTUM MEDIA
Opposition won't repeal superannuation guarantee increase
The Opposition has indicated that a Coalition Government will not seek to repeal the increase in the superannuation guarantee (SG) from 9 to 12 per cent.
However, the Opposition continues to maintain its position that it will repeal the Minerals Resource Rent Tax if elected.
Consequently, the Opposition has opened itself up to questions about how it would pay for the reduced tax revenue that would result from a 3 per cent increase to the SG (since the extra money in superannuation will be taxed at the concessional rate of 15 per cent).
Assistant Treasurer and Minister for Superannuation Bill Shorten was quick to accuse the Opposition of "backflipping" on the issue, and demanded that the Opposition explain how it planned to fund an increased SG.
"The incremental increase in the SG rate is projected to cost $740 million over the forward estimates. If the Opposition's policy is to rescind the mining tax, how are they going to pay for the increase in compulsory superannuation?" asked Shorten.
The change in the Opposition's policy was welcomed by Australian Institute of Superannuation Trustees chief executive Fiona Reynolds, who pointed to an Essential Media survey that found 70 per cent of all Australians support the increase in the SG to 12 per cent.
More tellingly for the Opposition, the survey also found that 69 per cent of Liberal/National Party voters supported the policy.
Recommended for you
Governor Michele Bullock took a more hawkish stance on Tuesday, raising concerns over Donald Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
