POWERED BY MOMENTUM MEDIA
Super reform needed to help indigenous Australia
While the superannuation regime is designed to be universal it needs to be re-examined as it may actually contain blind spots in terms of serving the needs of indigenous Australians, KPMG Australia believes.
KPMG's "Igniting the indigenous economy" report said many indigenous Australians lived in remote and regional areas where depressed labour markets leave a significant number of people dependent on welfare and receiving no super at all.
The report argued that the super system needed to respond better to the unique needs of indigenous people.
KPMG recommended for the super system to:
- Increase indigenous financial literacy through more innovative uses of software tailored specifically for mobile technologies;
- Make financial literacy sessions a mandatory component of the Community Development Program (CDP) scheme;
- Recalibrate identification processes to compensate for a common lack of valid ID, as well as cultural and geographical barriers;
- Increase the $10,000-per-annum limit for early access to superannuation savings in cases of severe hardship for indigenous Australians; and
- Re-assess the appropriateness of providing an insurance benefit, and improve cultural awareness for dealing with indigenous Australian members making insurance claims.
Recommended for you
The Federal Court has ordered AustralianSuper to pay $27 million for failures to address multiple member accounts.
The country’s fourth-largest fund is targeting the “missing middle” of members with a new digital advice service in partnership with Ignition Advice.
The prudential regulator confirmed it is considering BUSSQ’s Federal Court appeal.
The Albanese government has put forward a bold proposal to tackle the challenges of Australia’s swelling retirement pool, in an effort to allow superannuation funds to play a more active role in shaping members’ retirement outcomes.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.78 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
30.80 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
28.31 3 y p.a(%)
