Happy New Year from Super Review

2 January 2024
| By Laura Dew |
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Super Review would like to wish all our readers a Happy New Year and looks forward to bringing you all the latest news in 2024. 

As Australia rings in the new year, there is much to look forward to in 2024.

Perhaps one of the most discussed developments was opening the advice arena to super funds with the Quality of Advice Review, which will include advice on investment decisions, delivering retirement income, and considering broader circumstances for both the member and their households. Looking ahead, we can hope to see at least some of the review's recommendations enacted this year as Minister for Financial Services, Stephen Jones, promises a speedy process.

There was also greater focus in 2023 on retirement product development, solidified by Treasury’s release of a discussion paper in early December on how the superannuation system can provide the needed security and income in retirement.

We also saw a raft of consultations in the super space, including narrowing down the objective of superannuation; doubling the concessional tax rate for superannuation balances exceeding $3 million; and payday super to address the issue of unpaid superannuation.

Moreover, there was greater regulatory focus on issues like greenwashing and complaints handling in super, and we could expect to see more enforcement action from APRA and ASIC in these important areas. 

Whatever happens, you can rely on Super Review and our sister title Money Management to keep you abreast of all the latest developments.

 

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