POWERED BY MOMENTUM MEDIA
Sustainability is key to super
The Association of Superannuation Funds of Australia (ASFA) has announced it will assess the impact of opposition's proposed measures, including the taxation of superannuation, on the fund members and the system and stressed that all the decisions should be considered in the long-term context.
Also, ASFA said that it was vital the members of the system would be provided with the right explanation of the nature of these changes so they could fully understand them.
According to ASFA's interim chief executive, Jim Minto, any package should be also considered in terms of the long-term sustainability of the system while the changes must be administratively viable so not to impose greater costs on fund members.
"It is important that we give everyone the chance to build an adequate nest egg with which to retire," he said.
"The proposed reduction in concessional contribution caps by the government and the opposition would mean that some people would not be given a reasonable chance of doing that."
On the other hand, he stressed that it was positive that both the government and opposition aimed to provide support for low income earners to make contributions to their superannuation.
ASFA supports the policy which will see an increasing number of retirees reach the ASFA "comfortable standards", with a goal of 50 per cent of retirees reaching or exceeding that level by 2050.
"It's critical that we get these decisions right and think about the long term future for Australia's retirees over the decades to come rather than just focusing on the short term," Minto added.
Recommended for you
The deputy governor has warned that, as super funds’ overseas assets grow and liquidity risks rise, they will need to expand their FX hedge books to manage currency exposure effectively.
Super funds have built on early financial year momentum, as growth funds deliver strong results driven by equities and resilient bonds.
The super fund has announced that Mark Rider will step down from his position of chief investment officer (CIO) after deciding to “semi-retire” from full-time work.
Rest has joined forces with alternative asset manager Blue Owl Capital, co-investing in a real estate trust, with the aim of capitalising on systemic changes in debt financing.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
