POWERED BY MOMENTUM MEDIA
ALP reforms at odds with objective of super
It’s hard to see how many of the Australian Labor Party’s (ALP’s) proposed superannuation reforms will improve superannuation for Australians and the objective of superannuation itself needs legal clarification, the SMSF Association National Conference has heard.
“It’s hard to see how these changes are improving superannuation,” BT Financial Group chief executive, Brad Cooper, told conference delegates this morning. “They’re either ideology led or distribution led or budget led”, rather than meeting the broader objectives of superannuation, he said.
Of course, the objective of superannuation itself is often a political football, and SMSF Association head of policy, Jordan George, said in the same panel discussion that this needed to be legislated to ensure responsible policy-making.
He said that it would help guide both effective policy and sensible implementation of possible legislative changes, which should be anticipated considering the recommendations made by the Productivity and Banking Royal Commissions regarding superannuation.
With retirement savings a key policy issue now, the panel agreed that legislating an objective could lead to clarity on the difference between superannuation and the Aged Pension from a policy sense.
This could prove useful when Comprehensive Products for Retirement Income (CIPRs) come onto Labor’s radar. While, as Mercer senior partner, Dr David Knox, pointed out on the panel, the ALP did not currently have proposed legislation developed on CIPRs, should it win the election this could need consideration during its three-year term.
Recommended for you
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.24 3 y p.a(%)
4
Pengana High Conviction Equities B
40.36 3 y p.a(%)
5
Pengana High Conviction Equities A
40.34 3 y p.a(%)
