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Govt claims clearing house success
The Federal Government is claiming success from its establishment of the Small Business Superannuation Clearing House.
It claims that, after a slow start, the clearing house has distributed more than $1 billion in superannuation payments on behalf of small business owners.
Not surprisingly, most users of the clearing house service are located in NSW and Victoria, with only 460 firms using the facility in the Northern Territory.
The Treasurer, Chris Bowen, last week claimed the growth in the use of the clearing house was a success story for the Government and small business owners.
He said the Small Business Superannuation Clearing House had helped more than 42,000 small business owners better manage their employees' superannuation contributions over the past three years.
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The merger, first announced in December 2022, was due to be completed in mid-2024.
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
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