Super Consumers Australia (SCA) has revealed to a Parliamentary Committee that it has aspirations to secure permanent funding to make it a stand-alone entity representing superannuation consumers.
The SCA, currently describing itself as a start-up and in partnership with consumer group, Choice, said it had been formed in 2013 as “a not-for-profit to advance and protect the interests of superannuation consumers”.
However, the SCA has grown out of Choice’s decision to form the Centre of Superannuation Consumers in 2013 which weighed into a number of policy issues at the time including the Abbott Government’s moves to amend the Future of Financial Advice (FOFA) legislation.
In its submission filed with the Senate Economics Legislation Committee this week, the SCA backed the Government’s legislation to close the superannuation salary sacrifice “loophole” which allowed employers to reduce their superannuation guarantee obligations.
In doing so, the SCA said its position was consistent with that Choice in 2017 and cited Industry Super Australia modelling that claimed the cost of the salary sacrifice loophole at an estimated $1.5 billion a year, affecting around 370,000 workers.
As Australia gears up for the May budget, Treasurer Jim Chalmers has shed light on the significant global economic challenges that are shaping the nation’s fiscal decisions.
The Reserve Bank of Australia has held rates in its March meeting, but for the first time in a while, economists rejoiced in a perceived “dovish” tone from the bank.
The central bank has announced its second interest rate decision since a major revamp.
The central bank has announced its first interest rate decision since a major revamp, which will see the board meet eight times a year instead of the original 11.
This mob is as far away from a consumer group you can get. How testing microwaves and dish clothes positions you to comment on superannuation legislation - which they have done in as about an anti-consumer way you could imagine - is beyond me and beyond the consumer movement. Genuinely bizarre. Genuinely right wing. These days, Choice is clearly a mouthpiece for the Liberal party.
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