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:
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.