POWERED BY MOMENTUM MEDIA
Remove pause and lift SG says new ASFA CEO
Most Australians believe the superannuation guarantee should be raised to 12 per cent, according to new research released at the Association of Superannuation Funds of Australia (ASFA).
The research, released by the new ASFA chief executive, Dr Martin Fahey at the national conference on the Gold Coast reinforced that the current paused superannuation guarantee rate of 9.5 per cent was not enough to deliver Australians a comfortable retirement.
Fahey said the SG needed to rise initially to 12 per cent and then to the 15 per cent originally envisaged by former Prime Minister and Treasurer, Paul Keating.
"We all know that a comfortable retirement cannot be achieved via the current paused rate," he said.
"It is not enough."
Fahey said the need to increase the SG had to be viewed in the context of the strong consumer support for superannuation which had been identified by the ASFA research with 63 per cent of respondents supporting increasing the SG to 12 per cent and the knowledge that 54 per cent regarded superannuation as a great way to save for retirement.
He also noted the high level of satisfaction with superannuation funds, with only five per cent of respondents indicating they were considering changing their arrangements or changing funds.
However he cautioned that funds would increasingly need to ensure they were fit for purpose in circumstances where 20 per cent of respondents aged under 29 indicate they were looking to change their super fund in the next 12 months.
Recommended for you
A major super fund has defended its use of private markets in a submission to ASIC, asserting that appropriate governance and information-sharing practices are present in both public and private markets.
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
36.96 3 y p.a(%)
3
GAM LSA Private Shares AU I
34.22 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
VanEck Video Gaming and eSports ETF (AU)
28.89 3 y p.a(%)
