POWERED BY MOMENTUM MEDIA
RC progress welcome but super still needs more reforms, ISA says
Industry Super Australia (ISA) has welcomed the Government’s commitment to implementing the Royal Commission recommendations, but say they need to remain focused on other reforms, particularly underperformance of funds and unpaid super.
Bernie Dean, ISA chief executive, said the Government had set out an ambitious legislative timetable to deliver important consumer protections.
These included annual renewals for ongoing free arrangements, introduction of a new disciplinary system for financial advisers and bans on ‘hawking’ of super products.
“The Royal Commission did a very good job of identifying where the problems and misconduct were – now the Government must get on and fix them,” Dean said.
“We welcome the Government’s commitment and the ambitious reform progrsam they have set out and we stand ready to work with them as they implement these important protections for consumers.
“While this important work is underway, we urge the Government not to lose sight of the other challenges such as chronic underperformance and the fact that one in three workers are not even getting paid super.”
The issue of ‘stapling’ a default superannuation account to individuals would be dealt with as part of the Government’s response and the ISA stated they were keen to work with the Government on the issue.
Industry super funds preferred model would be to automatically combine individual super accounts each time there is a job change, into a single quality checked account.
Analysis from KPMG found it would deliver $416 billion in performance dividends to members and eliminate multiple accounts, adding an estimated $200,000 more in super over an individual’s working life.
Recommended for you
IFM has firmly opposed any push for publicly disclosing current valuations of private market assets, saying it would “damage the financial interests of investors” and reduce appetite for infrastructure and private business investment.
Subdued GDP figures have bolstered expectations that the RBA could cut rates sooner and, possibly more aggressively, market watchers say.
Australian institutional investors plan to keep their finger on the pulse of private markets, new data has shown, with local investors aiming to further expand allocations into the sector.
The RBA has opted for a 25 bp rate cut last month to ensure that at a time of heightened uncertainty, monetary policy settings remained “predictable”.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
