POWERED BY MOMENTUM MEDIA
Super reduces cost of Age Pension on Budget
Australia's compulsory superannuation reduces the cost of the Age Pension on the Budget and has contributed to economic stability and growth, according to the Association of Superannuation Funds of Australia (ASFA).
A report by ASFA has found the increase in the Superannuation Guarantee (SG) from nine to 12 per cent indicates the cost of tax concessions associated with such an increase stabilises relatively soon, and the benefit in reduced pensions continues to grow.
"As a result, there is a positive overall impact on the Budget flowing from an increase in the SG as the system matures given that the Age Pension expenditure savings gradually offset the cost of the tax concessions," the report said.
The report noted that Australia is above the Organisation for Economic Co-operation and Development (OECD) average for savings and in turn is reducing Australia's reliance on foreign capital, reducing both the risk and the cost of investment in Australia.
Recommended for you
The corporate watchdog is preparing to publish a progress report on private credit this September, following a comprehensive review of the rapidly expanding market.
The fund has appointed Fotine Kotsilas as its new chief risk officer, continuing a series of executive changes aimed at driving growth, but NGS Super’s CEO has assured the fund won’t pursue growth for growth’s sake.
AMP Super has taken a strategic stake in Atmos Renewables, funding major battery and wind farm projects to boost Australia’s clean energy transition.
The major superannuation fund is facing legal action from ASIC after allegedly failing to inform the regulator about investigations into serious member service issues.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
