POWERED BY MOMENTUM MEDIA
Ineligible Indigenous Australians accessing super early
Indigenous Australians have been accessing their superannuation early through the Government’s COVID-19 hardship scheme without fully understanding the potential repercussions of that decision, according to the First Nations Foundation.
The foundation’s chief executive and Wiradjuri man, Phil Usher, said the lack of government means testing resulted in early release claims despite ineligibility.
“This comes down to a lack of understanding and education for the Indigenous community about the role of superannuation and the details of the current scheme in place,” Usher said.
“As a result, those who have accessed their super early who were not eligible will not only have decreased security in retirement due to lower super balances, but they run the risk of government fines, taking people further into financial distress.”
In July, the First Nations Foundation launched its website to help Indigenous Australians find, manage and grow their super.
“First Nations Foundation aims to achieve financial prosperity for Indigenous Australians because until now, there has been a lack of clear and culturally relevant education available for Indigenous Australians around accessing financial services, in particular super and the associated insurances that generally come with this,” Usher said.
“We intend to develop this resource over time as the superannuation industry evolves, and it is the first of a number of new resources that First Nations Foundation is launching to help Indigenous Australians take steps towards economic parity with the rest of the population.”
Recommended for you
The lower outlook for inflation has set the stage for another two rate cuts over the first half of 2026, according to Westpac.
With private asset valuations emerging as a key concern for both regulators and the broader market, Apollo Global Management has called on the corporate regulator to issue clear principles on valuation practices, including guidance on the disclosures it expects from market participants.
Institutional asset owners are largely rethinking their exposure to the US, with private markets increasingly being viewed as a strategic investment allocation, new research has shown.
Australia’s corporate regulator has been told it must quickly modernise its oversight of private markets, after being caught off guard by the complexity, size, and opacity of the asset class now dominating institutional portfolios.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
