The Morrison Government failed to pass its bill that would have seen fees for low-balance superannuation accounts capped at 3% and exempt funds members under the age of 25 from compulsory life insurance after it failed to convince enough cross-benchers to vote for the bill. Consequently, younger workers and those with low super balances are tipped to pay $6 billion worth of needless fees over the next two years. From The Australian:
Assistant Treasurer Stuart Robert’s bill to impose a 3 per cent fee limit on small-balance accounts and end the automatic charging of life insurance fees to savers under 25 failed to be listed for debate in the last parliamentary sitting weeks of the year, after the minister failed to convince enough crossbenchers to vote for the legislation.