Deputy Leader of the Opposition Sussan Ley has criticised Labor for lacking constraints in spending following the centre-left government’s move to double the tax on superannuation earnings for balances over A$3 million. She alleged that Labor is already spending A$115 billion extra over the forward estimates and that the recent super tax changes would raise…
Labor Under Scrutiny for Billion Dollar Public Spending Blowout
March 1, 2023
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13 Worst-Performing Australian Super Funds Named Following Inaugural Test
Australian Prudential Regulation Authority (APRA) has named thirteen superannuation funds that have failed its inaugural performance test since the government’s “Your Future, Your Super” reform came into effect on July 1. The 13 underperforming default Mysuper products, which collectively hold 56 billion in assets for 1.1 million members, include Colonial First State’s retail product Firstchoice…
Australian Government’s Superannuation Reform Bill Faces Challenges Despite Revision
The Australian government’s proposed changes to the superannuation fund performance test have faced criticism after the opposition said the Bill should not be supported following the inclusion of some controversial proposed reforms. Treasurer Josh Frydenberg and Superannuation Minister Jane Hume released the consultation draft regulations for the new Your Future, Your Super (YFYS) reform package on…
Treasurer Considers Adding More Flexibility to Superannuation System
Treasurer Josh Frydenberg is considering whether to introduce more flexibility into the nation’s retirement saving system. Speaking on Feb. 27 at a retirement income forum hosted by the Council on the Ageing (COTA), Frydenberg signalled that the government would like to see more “flexibility” in the sector to allow people to better balance their working life and…
Aussies Unsure How Much Super They Get
Many Australians are not aware how much superannuation their employer pays them and only one-third think they will have enough savings for a comfortable retirement. The findings are included in an Australia-wide poll conducted by Fifty Acres x Pollinate. A total of 1003 Australians, aged 18 years and up, was surveyed in December for their…
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