POWERED BY MOMENTUM MEDIA
Super should only be a solution for retirement: ACTU
Superannuation needs to stop being treated as a solution to every problem other than retirement and that gimmick policies that raid super will lead to worse retirement outcomes, according to the Australian Council of Trade Unions (ACTU).
Speaking at the ACTU Emergency Superannuation Summit, Michele O’Neil, ACTU president, said to some in the Government, superannuation was a solution to every problem except retirement.
“A recession? Cut super. Left out in the cold by the Government during the pandemic? Gut your super,” O’Neil said.
“Others have advocated that workers should be forced to raid their super to just get into the housing market, an idea that will simply push up the price of housing.
“We’ve seen policy proposals that some workers shouldn’t be entitled to superannuation, returning to the two-tiered retirement system we had in the ‘60s when many working people retired into poverty.
“Rather than adequately support workers, the Morrison Government told those that were left out in the cold without support, like casual workers, university workers and visa workers, that they should choose today – during a pandemic – between poverty in retirement and food on the table.”
O’Neil also criticised Assistant Minister for Superannuation, Jane Hume, for saying she was “ambivalent” to a superannuation guarantee (SG) increase.
“She told the media ‘I’ll never use that word again, it was a mistake to use a word people don’t understand. Ambivalence means you’re conflicted and of course I’m conflicted, and rightly so’,” O’Neil said.
“She apologised for saying she was ‘ambivalent’ then said workers were too stupid to understand what was meant, then used another word that meant exactly the same thing.”
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(%)
