A Liberal senator has warned that Labor’s planned taxes on high superannuation balances could eventually impact over 500,000 Australians—a number impacting six times more individuals than what the government has claimed. Prime Minister Anthony Albanese this week unveiled his plan to double taxes on super accounts with more than $3 million (US$2.03 million) from 15…
Labor’s $3 Million Super Threshold Could Affect Over 500,000 Australians: Liberal Senator
Australia’s Superannuation Changes Flagged to Stop Early Withdrawal
February 19, 2023
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Australia’s superannuation system is facing an overhaul, with the government looking at ways to block the early release of retirement money. Treasurer Jim Chalmers proposed further protections for superannuation to safeguard retirement savings in a speech on Monday. Australians pulled out about $36 billion from their retirement funds during the pandemic. Chalmers said the early…
Australian Savers Want More Responsible Investment Products
March 9, 2022
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Industry research has found that Australians are increasingly concerned about whether their savings lead to good or harmful outcomes and are receiving higher gains for investing ethically and responsibly. A study (pdf) from the Responsible Investment Association Australasia (RIAA) published on March 9 showed that over four in five Australians (83 percent) expected financial institutions…
“Divest Russian Assets”: Australian Treasurer Tells Superannuation Funds
March 4, 2022
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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…
QSuper and Sunsuper Merge Into Australian’s Largest Superannuation Fund
QSuper and Sunsuper are moving closer to creating Australian’s largest superannuation fund, as the two Queensland firms sign an agreement to merge following over 15-months of negotiations. The move, announced on March 15, aims to integrate the two top-performing funds into a new entity with two million members and $200 billion in assets. QSuper Chair…
QSuper and Sunsuper Merge to Create Australia’s Largest Retirement Fund
QSuper and Sunsuper have agreed to merge, after 15 months of negotiations, to become a single superannuation fund, making it Australia’s largest. The move, announced on March 15, aims to integrate the two top-performing funds into a new entity with two million members and $200 billion in assets. QSuper Chair Don Luke and Sunsuper Chair…
Australian’s Second Largest Super Fund Shelves Plan to Increase China Engagement
February 16, 2021
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Australian’s second-largest superannuation fund, Aware Super, will no longer consider China as an investment destination in its upcoming overseas expansion due to concerns over the Chinese regime’s behaviour and market efficiency in the country. Formerly known as First State Super, Aware Super runs a $140bn (US$109 bn) fund and is currently on the track to…
Australia’s Second Largest Pension Fund Shelves Plan to Increase China Engagement
February 16, 2021
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Asia & PacificAustraliaAustralian Superannuation FundAware SuperChinaChina Business & Economydecouple from ChinaExposure to ChinaInternationalWorld
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Australian’s second-largest superannuation fund Aware Super, will no longer consider China as an investment destination in its upcoming overseas expansion due to concerns over the Chinese regime’s behaviour and market efficiency in the country. Formerly known as First State Super, Aware Super runs a $140 billion (US$109 billion) fund and is currently on the track…
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