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ASFA supports changes to boost super savings
The Association of Superannuation Funds of Australia (ASFA) has supported changes announced by the Government ahead of the Federal Budget which will enable older Australians boost their superannuation savings which includes the expansion of the ‘downsizer scheme’ to those aged 60.
According to ASFA, the move, which would see the removal of the work test for contributions would increase flexibility for older citizens, would additionally help increase the supply of family homes to the property market.
ASFA also expressed hopes for the budget to address the ‘unacceptable gap’ in retirement savings between women and men by removing the $450 per month threshold where super was not paid by paying superannuation guarantee (SG) on paid parental leave.
“Younger Australians have faced the economic brunt of COVID-19 – there are one million Australians who have effectively cleaned out their superannuation account due to early release,” ASFA’s deputy chief executive officer, Glen McCrea, said.
“It is crucial that the low-income superannuation tax offset (LISTO) rises to reflect tax rate changes and the system goes to 12% so more Australians can have dignity in retirement, particularly younger Australians given the dramatic ageing of the Australian population over the next three decades."
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AustralianSuper has reported a 9.52 per cent return for its Balanced super option for the 2024-25 financial year, as markets delivered another year of strong performance despite the complex investing environment.
The profit-to-member super fund’s MySuper default option has returned 9.85 per cent for the financial year 2024–25.
Colonial First State (CFS) has announced solid double-digit returns for its MySuper balanced and growth equivalent funds during the financial year.
The super fund’s Future Saver High Growth option delivered an 11.9 per cent return for the financial year 2024–25, on the back of a diversified portfolio and actively managed investment strategy.
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