POWERED BY MOMENTUM MEDIA
Lib Senator: Make SG voluntary for low income earners
Newly-elected NSW Liberal Senator and former Financial Services Council (FSC) policy executive, Andrew Bragg has called for the superannuation guarantee (SG) to be made voluntary for people earning less than $50,000.
Bragg used his maiden speech in the Senate to claim that the superannuation system was not working for Australians and that the industry had not made a case for even bigger super.
“I would change direction,” he said. “Superannuation should be made voluntary for Australians earning under $50,000.”
In doing so, Bragg pointed to Grattan Institute analysis which claimed that Australians were spending $23 billion a year on energy costs, but $30 billion a year on superannuation fees.
“Superannuation is a classic case of vested interests triumphing over the national interest,” he said. “Fees are too high and there is not enough competition.”
Senator Bragg will be delivering a keynote address at Super Review’s Future of Superannuation event in Melbourne, next month. https://www.cvent.com/events/superannuation-in-melbourne/registration-6c713d32479f49b09f6ec08f4875ce2c.aspx?fqp=true
Recommended for you
The Future Fund’s CIO Ben Samild has announced his resignation, with his deputy to assume the role of interim CIO.
The fund has unveiled reforms to streamline death benefit payments, cut processing times, and reduce complexity.
A ratings firm has placed more prominence on governance in its fund ratings, highlighting that it’s not just about how much money a fund makes today, but whether the people running it are trustworthy, disciplined, and able to deliver for members in the future.
AMP has reached an agreement in principle to settle a landmark class action over fees charged to members of its superannuation funds, with $120 million earmarked for affected members.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
