Superannuation

17

Superannuation steals from the pension

Industry Super Australia (ISA) continues to lobby the federal government to increase the superannuation guarantee (SG), arguing that if the super rate increase was abandoned, it would “heap pressure on the pension”: ISA said it was vital the legislated increases in the superannuation guarantee – from 9.5 per cent to 12 per cent of wages

12

Superannuation guarantee to rise to 10%

The federal government is considering a range of options regarding superannuation ahead of the Budget in May. The super guarantee (SG) is slated to rise to 10% on 1 July, and the government is said to be looking at leaving at this level. Other options that are under consideration include allowing workers to choose between

4

More proof 12% superannuation would lower workers’ pay

Workers are paying between 71% and 100% of increases to the superannuation guarantee (SG) through lower take-home wages. This is according to research commissioned by the federal government’s Retirement Income Review, with the research being undertaken by two Australian National University economists. Release of the research comes as the Morrison Government is deciding whether to

6

Early super withdrawals edge closer to $36 billion

APRA published its early superannuation release data for the week ended 13 December, which revealed that only $152.9 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $35.8 billion: According to APRA: Over the week to 13 December, superannuation funds made payments to 21,000 members, bringing the total number to

2

Superannuation system bleeds $36 billion from early withdrawals

APRA published its early superannuation release data for the week ended 6 December, which revealed that only $155.0 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $35.6 billion: According to APRA: Over the week to 6 December, superannuation funds made payments to 21,000 members, bringing the total number to

0

Early superannuation withdrawals continue to slow

APRA has published its early superannuation release data for the week ended 29 November, which revealed that only $150.0 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $35.5 billion: According to APRA: Over the week to 29 November, superannuation funds made payments to 21,000 members, bringing the total number

5

Self Managed or Self Mangled SMSF?

The allure of having complete control over your financial future is very compelling, and becomes even more so in turbulent market periods, like the one we have seen in 2020. So it is understandable that 2020’s volatile markets combined with the opaqueness of many large super funds could have left you wondering if you should

5

Aussies dump retail super funds

The Australian Prudential Regulatory Authority (APRA) has released its Quarterly superannuation performance statistics highlights for the September quarter. This report shows that total superannuation assets fell by 1.6% in the year to September: Superannuation assets totalled $2.9 trillion at the end of the September 2020 quarter. There was a 1.6 per cent reduction in the value

34

More support for using superannuation to buy property

I noted yesterday how calls were growing louder to allow first home buyers (FHBs) to use their superannuation savings to purchase property. This has arisen following the release last week of Treasury’s Retirement Income Review, which found that home owners enjoy superior retirement outcomes than non-home owners. The proposal has moved one step closer to

80

Defensive Paul Keating lies again on super

Following the Retirement Income Review’s scathing assessment of Australia’s compulsory superannuation system, the architect of the system, Paul Keating, too to ABC’s 7.30 Report to rubbish the Review’s findings with a bunch of lies and obfuscation: LEIGH SALES: Let me ask you address the point that we heard the Reserve Bank Governor make and it

15

Nick Gruen slams superannuation union ‘gravy train’

Professor Nicholas Gruen from Lateral Economics has called for Australia’s superannuation system to be overhauled, labelling it a union “gravy train”: “Unfortunately unions have turned the system into a gravy train for the retirement of their own officials onto boards,” Professor Gruen said. “But if they could see the larger game, they’d end up with

104

Calls grow to allow using super to buy property

Calls are growing to allow first home buyers (FHBs) to access their superannuation savings to purchase a home after the Treasury’s Retirement Income Review found that home owners have far better retirement outcomes than non-home owners. A group of Liberal MPs, led by Tim Wilson, are leading the calls: Mr Wilson… told The Age and

22

Universal pension better than compulsory superannuation

According to The Australian’s Judith Sloan, Australia’s current retirement income system is a costly one that contains a range of inequities. One alternative would be to combine a universal pension with voluntary savings, which is essentially the New Zealand model. Sloan argues that such a model would likely cost taxpayers less than the present system,

9

12% superannuation would wreck the federal budget

On Friday, the federal government released Treasury’s 600-page Retirement Income Review Final Report, which highlighted in great detail why lifting the superannuation guarantee (SG) from 9.5% would be unambiguously bad policy. First, the Review notes that the federal budget would be plunged further into deficit, since any cost savings for the Aged Pension would be

1

Early super withdrawals slow further

APRA has published its early superannuation release data for the week ended 15 November, which revealed that only $151.4 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $35.1 billion: According to APRA: Over the week to 15 November, superannuation funds made payments to 21,000 members, bringing the total number

17

12% compulsory superannuation would lower lifetime incomes

The full report of the review commissioned by the federal government into retirement income will be released on 20 November, but its key findings have been made known. Importantly, the report suggests that lifting the compulsory superannuation rate to 12% could disadvantage low-income earners and reduce workers’ lifetime incomes: “A rate of compulsory superannuation that

11

12% superannuation hangs in the balance

The federal government will release the findings of its review into retirement incomes on Friday. Amongst other things, the review is believed to support a recent warning from Reserve Bank governor Philip Lowe that the legislated increase in the superannuation guarantee (SG) will reduce wages and economic growth. The SG is slated to rise from

3

Early super withdrawals slow some more

APRA has published its early superannuation release data for the week ended 8 November, which revealed that only $159.5 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $35.0 billion: According to APRA: Over the week to 8 November, superannuation funds made payments to 22,000 members, bringing the total number

1

Early super withdrawals continue to slow

APRA has published its early superannuation release data for the week ended 1 November, which revealed that only $166.3 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $34.8 billion: According to APRA: Over the week to 1 November, superannuation funds made payments to 23,000 members, bringing the total number

2

Is the superannuation industry Australia’s best lobbyist?

When it comes to successful lobbyists, you would be hard pressed to beat Australia’s superannuation industry. Despite strong arguments against, the overwhelming majority of Australians still support increasing Australia’s superannuation guarantee (compulsory superannuation) to 12%: A new independent report compiled on behalf of the Association of Superannuation Funds of Australia surveyed 1400 Australians aged 18

0

Early super withdrawals continue to slow

APRA has published its early superannuation release data for the week ended 25 October, which revealed that only $173 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $34.6 billion: According to APRA: Over the week to 25 October, superannuation funds made payments to 24,000 members, bringing the total number

3

Early superannuation withdrawals continue to slow

APRA has published its early superannuation release data for the week ended 18 October, which revealed that only $183 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $34.4 billion: According to APRA: Over the week to 18 October, 25,000 applications were received by funds of which 16,000 were initial

4

Early superannuation withdrawals slow some more

APRA has published its early superannuation release data for the week ended 11 October, which revealed that only $199 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $34.3 billion: According to APRA: Over the week to 11 October, 26,000 applications were received by funds of which 16,000 were initial

1

Early superannuation withdrawals slow some more

APRA has published its early superannuation release data for the week ended 4 October, which revealed that only $242 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $34.1 billion: According to APRA: Over the week to 4 October, superannuation funds made payments to 33,000 members, bringing the total number

4

Early superannuation withdrawals slow some more

APRA has published its early superannuation release data for the week ended 27 September, which revealed that only $267 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $33.8 billion: According to APRA: Over the week to 27 September, superannuation funds made payments to 36,000 members, bringing the total number

5

Early superannuation release slows to a trickle

APRA has published its early superannuation release data for the week ended 20 September, which revealed that only $294 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $33.5 billion: According to APRA: Over the week to 20 September, superannuation funds made payments to 40,000 members, bringing the total number