The Government has used the Budget to confirm it will not be proceeding with its proposed move to extend early release superannuation to victims of family and domestic violence.
The Budget papers revealed that the decision to not proceed with the measure meant an estimated decrease in receipts of $110 million over the forward estimates and a decrease in payments by $27 million because Australian Taxation Office funding to implement the measure was no longer required.
“Overall, this measure is estimated to decrease the underlying cash balance by $83 million over the forward estimates period,” it said
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
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