POWERED BY MOMENTUM MEDIA
ALP commits to consultation on super savings
The Federal Opposition has again acknowledged that it will have to embark on a round of industry consultation before moving to settle its superannuation policy in the event that it wins this Saturday's Federal Election.
The Shadow Treasurer, Chris Bowen, indicated a consultative process after the Australian Labor Party's (ALP's) policy costings indicated a need to draw on the same level of superannuation-related savings identified by the Government.
Echoing the assurance made by the Shadow Minister for Financial Services and Superannuation, Jim Chalmers, to the Super Review Future of Superannuation event in late May that Labor would be examining policy measures for unintended consequences, Bowen said that while the Opposition wanted to raise the same amount of money, there would be a consultative process.
However, he made clear the Labor Party was not about to embrace what it regarded as the retrospective elements of the Government's Budget superannuation tax changes.
"We'd like to consult with the sector, from government, with the resources of Treasury to ensure that any measures that we implement are implemented in a very fair manner," Bowen said.
"We've expressed grave concern about the retrospective nature of one measure in particular, the $500,000 cap. We want to sit down with the sector and work out the best way to proceed to raise the same amount of money," he said.
"The contributions tax is one that we announced last April; the government has appropriated that. That is now bipartisan policy. Our earnings tax measure and the government's $1.6 million measure have some similarities to it, but there's some complexities there that would need to be worked through."
Recommended for you
A major super fund has defended its use of private markets in a submission to ASIC, asserting that appropriate governance and information-sharing practices are present in both public and private markets.
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
37.15 3 y p.a(%)
3
GAM LSA Private Shares AU I
33.96 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
Plato Global Alpha A
28.73 3 y p.a(%)
