Altering the current shape of Australia's superannuation tax concessions has been identified as a key element in addressing the nation's structural deficit.
Major consultancy, KPMG has issued a report on solving the structural deficit in which its head of wealth management advisory and former senior union official, Paul Howes, claims superannuation tax concession represent "a classic example of how we have gone astray".
He suggested this was principally because their purpose was never defined.
"We now have no choice but to reel them back in," he said
The major recommendations made by KPMG on super include:
KPMG tax partner for superannuation, Damian Ryan said equity had to be a cornerstone of any good tax system.
"We believe our super tax proposals, together with changes to the age pension, will raise nearly $5 billion towards the deficit and meet the test of fairness," he said.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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