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Early release of super urged for bushfire victims
The Government should consider early access to superannuation for people impacted by the bushfires, according to the head of advice for financial planning dealer group, Infocus, George Kovanis.
In a message posted to the Prime Minister, Scott Morrison on social media, Kovanis said one solution to assist those impacted by the bushfires might be the ability to access preserved superannuation benefits.
“This is their money, they have worked hard to accumulate and in some cases if not most may be all that they have left,” his message said.
Kovanis said he hoped the message would be well-received.
“This is one piece of policy that would receive bipartisan support and that of the community it would ease the immediate financial burden and would provide some sort of buffer for those who need it most,” he wrote.
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With the latest print of GDP figures overshooting economist expectations, analysts have warned that the Reserve Bank of Australia (RBA) could face a difficult policy path ahead.
The peak body has called on the corporate watchdog to add superannuation to its recently announced simplification process that aims to cull red tape in financial services.
APRA has highlighted cyber security, AI oversight, geopolitical risks, and system stress testing as key concerns for superannuation and banks.
AustralianSuper CEO Paul Schroder has warned the superannuation system must be “reset” to deal with a looming wave of retirements, as millions of Australians prepare to leave the workforce over the next decade.
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