POWERED BY MOMENTUM MEDIA
Let younger members boost their superannuation, says CEPU
The $25,000 contribution cap for workers under 50 is preventing younger 'fly-in-fly-out' workers from boosting their superannuation when they have the chance, argues the Communications, Electrical and Plumbing Union (CEPU).
CEPU national secretary Peter Tighe said some of his members had 'fly-in-fly-out' jobs on major projects that paid very well, but "they are the sort of jobs that don't necessarily last".
However, workers who are under 50 will be penalised with a tax rate of 31.5 per cent if they put more than $25,000 into superannuation over a financial year, Tighe said.
"These are workers who could be boosting the superannuation system, and supporting the national infrastructure that industry super funds, in particular, specialise in," he said.
Many CEPU members are keen to support the superannuation system over "less productive investments like property", and the Government should be doing everything it can to help them, Tighe said.
"Superannuation Minister Bill Shorten should look at lifting the cap as soon as possible, because every Aussie worker who is able to plough extra money into super during their working life is one less burden on the tax system in their retirement," he said.
Recommended for you
Vanguard Super has reported strong returns across most of its investment options, attributed to a “low-cost, index-based approach”.
The fund has achieved double-digit returns amid market volatility, reinforcing the value of long-term investment strategies for its members.
Australian super funds notched a third consecutive year of strong returns, with the median balanced option delivering an estimated 10.1 per cent over the 2024-25 financial year, but an economist has warned that the rally may be harder to sustain as key risks gather pace.
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.
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(%)
