The Government has moved as expected to deliver on a long-held request from the superannuation industry to remove the $450 a month minimum income threshold for the superannuation guarantee (SG).
The Treasurer, Josh Frydenberg, announced in the Budget that the Government believed that the measure would improve the economic security in retirement for around 200,000 women.
At the same time, the Government confirmed that it was making the work test easier for older Australians making it easier for them to make voluntary superannuation contributions at the same time as extending the scope of the downsizer scheme.
Frydenberg said the downsizer scheme would now be available to those aged over 60, enabling them to contribute up to $300,000 into their superannuation if they downsized their home, freeing up more housing stock for younger families.
As well, he said the Government would enhance the Pension Loan Scheme by providing immediate access to lump sums of around $12,000 for singles, and $18,000 for couples.
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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