POWERED BY MOMENTUM MEDIA
SG increase in danger, says Bowen
Federal Treasurer Chris Bowen has expressed concern about the future of the superannuation guarantee (SG) increase from 9 to 12 per cent if the Coalition Government comes to power.
Speaking at the joint Financial Services Council/Industry Super Network breakfast function last Friday, Bowen expressed disappointment that the timetable on SG increase was no longer bipartisan.
"It's important that it's delivered; if John Howard had met his original commitment to move superannuation to 12 per cent when he was elected in 1996, then the Australian superannuation industry would be in an even better and stronger position than it is today," Bowen said.
If re-elected, Bowen said the Labor Government would deliver on a timetable it had already outlined.
"It's happening too late - it should have happened in 1996, but we are delivering it now," he said.
"I fear that having already delayed 9-12 as a promise, if the Liberal Party is elected on 7 September, the 12 per cent will not happen."
Bowen also said he was against a full-blown inquiry into the financial services industry, after the Coalition indicated it would revisit the Wallis inquiry if elected.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
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(%)
