The first Delivering Better Financial Outcomes bill passed the Senate on Thursday afternoon before sailing through the House of Representatives a few hours later as a matter of formality.
The word on the street is that the government is rethinking its approach to the $3 million super tax after the bill was sidelined in the House of Representatives.
It said funds with a more diversified approach like itself saw a more staggered performance than those with concentrated exposures to shares in the last financial year.
The $175 billion fund has announced a strong return from its high growth default option.
The fund’s three largest Lifestage cohorts are expected to see strong returns in the 2024 calendar year.
The median balanced option stands to return high single digits as forecast, with funds holding tech exposures likely to see strong results.
Some of Australia’s largest funds suggest that preparing for, rather than predicting, geopolitical events could be a more prudent approach in the new investment order.
The $335 billion fund attributed the result to strong growth in Australian and global sharemarkets after re-positioning its portfolios in the second half of the year.
The $84 billion fund has credited resilient sharemarkets and its exposure to the artificial intelligence rally for its strong performance in the financial year 2024.
The fund, created to service the “gig economy” and self-employed workers, has gone into liquidation after collapsing two years ago.