POWERED BY MOMENTUM MEDIA
Retiree housing a key income issue: AIST, Grattan
The Australian Institute of Superannuation Trustees (AIST) has welcomed the Grattan Institute’s finding yesterday that more needs to be done to support the growing cohort of non-home-owning retirees but warned that its recommendation that more rental housing assistance be provided was not enough.
The controversial retirement report released by Grattan this week highlighted that housing was causing strain for retirees, as more people were retiring with mortgage debt or having to rely on private rentals. According to AIST, twice as many retired households were now paying more than 30 per cent of income for housing.
AIST chief executive Eva Scheerlinck said that while Grattan’s recommendation that an extra $25 a week be paid to retirees in rental assistance was welcome, it would not make up for the delayed increase in the Superannuation Guarantee that was also suggested.
“Older retirees who are forced to rent – many of them single women – deserve both housing security and a decent income,” she said. “An extra $25 a week in rental assistance – while welcome – is not going to make as big a difference as 12 per cent super.”
Scheerlinck, echoing concerns of both the Association for Superannuation Funds of Australia and Industry Super Australia, warned that leaving super at 9.5 per cent would lead to strain on the Aged Pension as low-income workers were forced to rely on it more in retirement.
AIST agreed with Grattan, however, that the Aged Pension asset test needed revision and that superannuation tax concessions should be more fairly distributed.
Recommended for you
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.
Australia’s second-largest super fund is prioritising impact investing with a $2 billion commitment, targeting assets that deliver a combination of financial, social, and environmental outcomes.
The super fund has significantly grown its membership following the inclusion of Zurich’s OneCare Super policyholders.
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(%)
