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Govt pushes to pass new super reforms
The Coalition Government has called on the senate to pass its Protecting Your Super Package (PYSP) and latest Member Outcomes legislation as industry superannuation funds continue on their growth trajectory.
Assistant treasurer, Stuart Robert, said under the PYSP, the Government would cap fees at three per cent for low balance accounts ($6,000 and under), which it estimates would save around seven million Australians approximately $570 million in the first year alone.
“We're also banning exit fees, removing the disincentive to account consolidation,” he said. “This measure will save low-income earners, working mothers, students as well as causal and part-time employees from erosion of fees.”
The PYSP would also make insurance an opt-in choice for people under 25 years, people with low balance and members with inactive accounts, which the Government estimates would save Australians $3 billion in insurance premiums.
Robert said inactive accounts without a contribution for 13 months or longer would be returned to existing accounts, which would reunite around four million people with lost superannuation.
“The Government is increasing choice of funds for Australians and closing loopholes letting some employers reduce their Superannuation Guarantee contributions that people who salary sacrifice,” he said.
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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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