Australian opposition leader Peter Dutton has warned that any plans by Labor to raise superannuation tax would be “detrimental” to Australians’ retirement plans. The comment comes after Treasurer Jim Chalmers hinted at a cap on super balances over $3 million in the May budget, saying it will make super concessions more “affordable and sustainable.” If…
Opposition Warns Australian Self-Funded Retirees Over Labor Superannuation Plan
February 23, 2023
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Vanguard Launches Pension Fund to Capture Slice of Australia’s $2 Trillion Savings Pool
U.S. investment giant Vanguard has launched a pension fund in Australia in a bid to win a slice of the world’s fifth-largest pension fund worth $3.3 trillion (US$2.18 trillion). On Nov. 11, Vanguard announced its new product, Vanguard Super, which will attempt to win over local workers by undercutting its competitors. “As the first new entrant…
Senator Concerned Australian Pension Funds Could Seek Out China Market
September 15, 2022
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Sen. James Paterson says he is concerned Australian pension funds (superannuation) could seek out investment opportunities in countries run by authoritarian regimes like China. “We’re not as big a global investor as the United States is, but our superannuation industry—our pensions funds—are increasingly large and are really outgrowing the Australian economy and need to invest…
Retirement Funds to Benefit From Increasing Contributions in New Financial Year
Compulsory superannuation contributions will increase from 10 percent to 10.5 percent for Australian workers in the new financial year. The increases will continue until reaching 12 percent in 2025, boosting the already vast retirement fund industry that now controls around $3 trillion (US$2.05 trillion) in funds—the fourth largest pension fund in the world. For some…
Your Retirement Should Not Be Politicised: Economist
May 25, 2022
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Political tribalism is holding Australians back from taking control of their retirement nest eggs, according to economist Cameron Murray, who says superannuation has no noticeable benefit for retirees. Murray, a research fellow at the Henry Halloran Trust at the University of Sydney, is calling for the government to take a close look at the necessity…
“Divest Russian Assets”: Australian Treasurer Tells Superannuation Funds
March 4, 2022
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AustraliaAustralian Superannuation FundBusiness & EconomyEuropeInternationaljosh frydenbergRussia-UkraineRussia-Ukraine WarSuperannuationWorld
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Australian superannuation funds are divesting away from Russian assets with support from the federal government. “The Morrison Government is today confirming its strong expectation that Australian superannuation funds will review their investment portfolios and take steps to divest any holdings in Russian assets,” Treasurer Josh Frydenberg said in a statement. By doing so, the $3.5…
Super Will Now Follow Australian Workers Between Jobs
Superannuation funds will be “stapled” to Australian workers, following them when they switch jobs and minimising multiple unintended accounts. As part of the federal government’s Your Future, Your Super reform package, workers will have a single super account automatically following them between jobs until they choose to switch funds from Nov. 1. Superannuation Minister Jane…
‘Mega Funds’ Set to Dominate Australian Super Industry: Report
Australia’s retirement fund industry is set to be dominated by $100 billion-plus “mega-funds,” according to a new report from auditing giant KPMG. The superannuation industry is undergoing a period of consolidation that will see the creation of 12 super funds, with each managing over $50 billion in assets. In 2019-20, five mergers were announced between…
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