ASFA calls for bi-partisan support on super policy
The Association of Superannuation Funds of Australia (ASFA) has called for a bi-partisan consensus on superannuation policy settings, reinforcing its support for the super guarantee increase to 12 per cent.
ASFA chief executive Pauline Vamos said the first two steps should be ensuring Australians put in enough money for retirement and making the taxation treatment certain to encourage additional contributions.
“The constant risk that ‘things will change’ is detrimental to achieving a public policy outcome that reduces reliance on the age pension, particularly with the ageing population,” Vamos said.
She claimed increasing the SG as a means to increase the super savings pool was the best way to achieve better retirement outcomes, adding ASFA research and analysis indicated that the adoption of the Henry Report’s recommendations on superannuation would not be as effective in delivering adequate retirement incomes.
“The Henry proposals, if adopted, would reduce retirement savings for many, if not most Australians and would involve a range of implementation and equity problems. They would also be a disincentive for the majority of middle income Australians to save further for their retirement,” Vamos said.
ASFA research found that increasing the SG would boost an average Australian’s retirement savings by $110,000 and aggregate national retirement savings by half a trillion dollars.
According to Vamos, the Shadow Treasurer is “wrong to paint the industry superannuation sector as being controlled by the union movement”, adding all sectors of the industry have been calling for an increase in the superannuation guarantee.
Recommended for you
Australia’s largest super funds have deepened private markets exposure, scaled internal investment capability, and balanced liquidity as competition and consolidation intensify.
The ATO has revealed nearly $19 billion in lost and unclaimed super, urging over 7 million Australians to reclaim their savings.
The industry super fund has launched a new digital experience designed to make retirement preparation simpler and more personalised for its members.
A hold in the cash rate during the upcoming November monetary policy meeting appears to now be a certainty off the back of skyrocketing inflation during the September quarter.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
