POWERED BY MOMENTUM MEDIA
Liberal and National MPs look to halt SG rise
The legislated rise in superannuation guarantee (SG) in July is being fought by a dozen Liberal and National MPs and senators, according to AustralianSuper chair, Don Russell.
A report by the Sydney Morning Herald said Russell called this move “puzzling” and “odd” as the Coalition had historically valued light-handed government regulation and individual choice.
Russell said super allowed workers to try to self-fund their retirement which would provide more financial freedom than reliance on the Age Pension. However, some Coalition backbenchers wanted people to have more choice during their working life instead.
Pointing to the campaign to allow first home buyers to access their super for a home deposit, Russell said this would not solve the affordability issue and was at odds with the government’s Retirement Income Review. The review found the majority of retirees owned a property despite affordability being a concern for 30 years.
“If you start giving early access to first-home buyers, then it’s really destructive because in the first instance what we’re doing is providing the wherewithal for people to further bid up prices, but you’re also undermining the wealth generating capacity of superannuation,” Russell said.
“I think governments have to think very carefully about embracing notions which may appear very popular in the polling but you can be confident will make the situation worse.”
Recommended for you
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
96.54 3 y p.a(%)
2
DomaCom DFS Mortgage
85.26 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
