POWERED BY MOMENTUM MEDIA
Thousands lost since SG freeze
Workers have lost thousands of dollars in income as a result of the superannuation guarantee (SG) rate being frozen, as well as no increase in real wage growth, according to a new report from Per Capita.
The report titled “The Super Freeze: What You’ve Lost” had looked at what happened to wages and superannuation since the SG freeze in 2014 under the Coalition government, by then Prime Minister Tony Abbott.
The analysis showed wages rose from $1,000 to $1,066 per week ($52,000 to $55,432 a year), and a worker on the full-time median wage has lost $4,332.99 in superannuation.
Adjusting for inflation, in 2014 the real median wage was $56,524 in today’s dollars, meaning a loss of $900.99 based on nominal wage growth.
Emma Dawson, Per Capita’s executive director and lead author of the report, said by any objective measure workers had suffered a significant loss in net income since the SG freeze.
“Instead of going into the pockets of workers, as the government promised it would, those lost super savings have been pocketed by employers,” Dawson said.
Recommended for you
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 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(%)
