POWERED BY MOMENTUM MEDIA
Opposition worries super changes may be permanent
The Federal Opposition has strongly criticised the Budget changes to superannuation and suggested that they may be permanent.
The Opposition Spokesman on Superannuation, Chris Pearce, drew an analogy between the superannuation measures and the deficit and suggested that neither would be truly temporary.
"I do not believe these changes will be temporary," he said. "I believe that low income earners are going to be slugged by this Government because ... this is the first time in years, and years, and years where superannuation has actually been knobbled.
"For the first time Australians have been disincentivised in regard to saving, and to actually lower the co-contribution for super for low-income earners, these are people who are on incomes of $30,000 for example ... to actually take away super from them is a very significant thing to do," Pearce said.
The opposition spokesman went on criticise the timing of the Government's changes.
"I would say to you that now is the worst possible time to be undermining superannuation for Australians," he said. "People over the last 12 to 18 months had been receiving statements from their superannuation funds. They have seen their savings decline. This has created great uncertainty."
AUTHOR
Mike Taylor
Recommended for you
SuperRatings has shared the top 10 balanced options of the last financial year.
Rest Super remains “fully committed” to equities, even as it anticipates higher market volatility than experienced in previous decades.
Australian superannuation funds have again generated strong returns for FY25, with the median growth fund returning 10.5 per cent for the year, according to Chant West.
The US remains a standout destination for innovation and commercialisation, according to MLC Asset Management chief investment officer Dan Farmer.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 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(%)
