POWERED BY MOMENTUM MEDIA
SG rise is going ahead: Hume
The Government has no intention of making the 12% rise in superannuation guarantee (SG) an election issue but Labor is sceptical that the Government may still freeze it after the election.
Speaking at the Industry Super Australia (ISA) Brighter Future for Members webinar, Senator Jane Hume, the minister for superannuation, said the SG rise could not be changed without opposition support and “it won’t be because it is already legislated”.
“There was an awful lot of pearl clutching about whether the superannuation guarantee was going to rise a year ago, and it did,” Hume said.
“It’s legislated, it’s done, it’s going ahead.”
But Labor’s shadow assistant treasurer, Stephen Jones, said it would be in contest at the upcoming election as it was in the last election.
“I think the Treasurer was quoted earlier this week saying it’s legislated,” Jones said.
“Well, it was legislated in 2012/13 as well and then it was frozen for the best part of a decade.”
Jones said he wanted a clear commitment from the government that it would keep the SG levy schedule, not the acknowledgement that it had been legislated.
“Because Labor… will say to the Australian people we are 100% committed to ensuring that in every July between now and 2025, your superannuation contributions will go up by 0.5%,” Jones said.
“We want to see the same clear confirmation from the government.”
Recommended for you
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.
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
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
