POWERED BY MOMENTUM MEDIA
Retiree housing a key income issue: AIST, Grattan
The Australian Institute of Superannuation Trustees (AIST) has welcomed the Grattan Institute’s finding yesterday that more needs to be done to support the growing cohort of non-home-owning retirees but warned that its recommendation that more rental housing assistance be provided was not enough.
The controversial retirement report released by Grattan this week highlighted that housing was causing strain for retirees, as more people were retiring with mortgage debt or having to rely on private rentals. According to AIST, twice as many retired households were now paying more than 30 per cent of income for housing.
AIST chief executive Eva Scheerlinck said that while Grattan’s recommendation that an extra $25 a week be paid to retirees in rental assistance was welcome, it would not make up for the delayed increase in the Superannuation Guarantee that was also suggested.
“Older retirees who are forced to rent – many of them single women – deserve both housing security and a decent income,” she said. “An extra $25 a week in rental assistance – while welcome – is not going to make as big a difference as 12 per cent super.”
Scheerlinck, echoing concerns of both the Association for Superannuation Funds of Australia and Industry Super Australia, warned that leaving super at 9.5 per cent would lead to strain on the Aged Pension as low-income workers were forced to rely on it more in retirement.
AIST agreed with Grattan, however, that the Aged Pension asset test needed revision and that superannuation tax concessions should be more fairly distributed.
Recommended for you
The superannuation industry will be judged by its member services rather than how effectively it accumulates wealth, according to Stephen Jones.
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.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
32.57 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
32.09 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
27.42 3 y p.a(%)
