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:
The $9 billion fund is backing agriculture investor GO.FARM, with its capital already directed towards enhancing two key assets.
Brighter Super is considerably scaling down the investment options it offers members in order to reduce costs.
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
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