Superannuation

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its early superannuation release data for the week ended 11 October, which revealed that only $199 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $34.3 billion: According to APRA: Over the week to 11 October, 26,000 applications were received by funds of which 16,000 were initial

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its early superannuation release data for the week ended 4 October, which revealed that only $242 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $34.1 billion: According to APRA: Over the week to 4 October, superannuation funds made payments to 33,000 members, bringing the total number

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its early superannuation release data for the week ended 27 September, which revealed that only $267 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $33.8 billion: According to APRA: Over the week to 27 September, superannuation funds made payments to 36,000 members, bringing the total number

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Bill Kelty: Lift superannuation guarantee to 15%

Former ACTU secretary Bill Kelty has urged the federal government to press ahead with the legislated increase in the superannuation guarantee from 9.5% to 12%. Kelty has also told a conference hosted by the ACTU that serious consideration should be given to increasing it to 15% in order to take into account the fact that

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its early superannuation release data for the week ended 20 September, which revealed that only $294 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $33.5 billion: According to APRA: Over the week to 20 September, superannuation funds made payments to 40,000 members, bringing the total number

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Should banks make grab for early super?

Via APRA in a letter to ADIs: APRA has received and completed its review of all ADI comprehensive plans for the assessment and management of loans with repayment deferrals, provided in response to APRA’s 9 July letter to all ADIs. Where applicable, any entity-specific feedback, or clarifying questions have been facilitated by APRA’s supervisory teams. APRA acknowledges

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Early superannuation release slows again

APRA has published its early superannuation release data for the week ended 13 September, which revealed that only $340 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $33.3 billion: According to APRA: Over the week to 13 September, superannuation funds made payments to 46,000 members, bringing the total number

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Aussies turn off super withdrawal tap

APRA has published its early superannuation release data for the week ended 6 September, which revealed that only $363 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $33.0 billion: According to APRA: Over the week to 6 September, 49,000 applications were received by funds of which 27,000 were initial

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Productivity Commission: Superannuation increase will stifle recovery

Last month, Reserve Bank governor Philip Lowe told a parliamentary committee that increasing the superannuation guarantee (SG) to 12% could reduce wages, curtail consumption, and drive up unemployment: ‘‘The evidence is that increases of this form do get offset by lower wage growth over time… ‘‘If this increase goes ahead, I would expect wage growth

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Why is Industry Super burning members’ money on The New Daily?

Australia’s compulsory superannuation system is incredible for fund managers. Whether you are are a financial wizard at managing other people’s money or terrible, it doesn’t matter. Because nearly 10% of every dollar earned by Australian workers is funneled into a super account each and every year, thus ensuring an ever-growing pool of funds under management

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Never trust industry superannuation modelling

Industry Super Australia (ISA) commissioned modelling by actuaries Rice Warner, which shows that freezing the compulsory superannuation guarantee (SG) at 9.5% would cost the federal budget over the long-term: Freezing the rate at which employers contribute to superannuation would cost the federal government billions of dollars in the long term, modelling by actuaries Rice Warner

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Ignore industry superannuation propaganda

Industry Super Australia (ISA) has released another propaganda report arguing that lifting the compulsory superannuation guarantee (SG) to 12% is vital to kickstarting the post-COVID economic recovery: From July 2021 employers will increase payments to workers from 9.5 per cent to 10 per cent, and by July 2025 it will be 12 per cent. An

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Slowing superannuation release another headwind for economy

APRA released its early superannuation release data for the week ended 30 August, which revealed that only $381 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $32.6 billion: According to APRA: Over the week to 30 August, superannuation funds made payments to 51,000 members, bringing the total number to

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Kevin Rudd joins superannuation liars club

Former Prime Minister Kevin Rudd has joined the superannuation liars circle, claiming that it is “bullshit” that increases in the superannuation guarantee (SG) comes at the expense of lower take home wages: Former Prime Minister Kevin Rudd baulked at the suggestion it would depress wages. “Pigs might fly,” Mr Rudd said. “That is the biggest

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Early superannuation withdrawals slow to a trickle

APRA released its early superannuation release data for the week ended 23 August, which revealed that only $566 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $32.2 billion: According to APRA: Over the week to 23 August, superannuation funds made payments to 75,000 members, bringing the total number to

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The inconvenient truth superannuation managers hide

While the superannuation industry complains incessantly about the $30-plus billion being stripped out of the system due to the Morrison Government’s early release policy, it is conspicuously silent about the $36 billion in fees stripped from superannuation accounts. On this front, Harry Chemay – co-founder of Clover.com.au – has penned an excellent article at Michaelwest.com.au

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No wonder funds love compulsory superannuation

New figures from APRA show that net superannuation contributions fell by $2.3 million in the June quarter as Aussies withdrew around $30 billion from their super nest eggs under the federal government’s early release policy. It was the first quarterly decline in net contributions – which includes both inflows and withdrawals – since compulsory super was

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Craig Emerson spins superannuation fairy tales

Former Labor MP, Craig Emerson, has penned an opinion piece in The AFR claiming that scrapping the scheduled rise in the super guarantee (SG) will “expand the future welfare state and force up personal taxes”: Reserve Bank governor Philip Lowe and the Grattan Institute, persist with the argument that workers will get a wage rise

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Early superannuation withdrawals slow

APRA released its early superannuation release data for the week ended 16 August, which revealed that only $601 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $31.7 billion: According to APRA: Over the week to 16 August, superannuation funds made payments to 80,000 members, bringing the total number to

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Master Parasites: Let first home buyers raid their super

Master Builders Chief Executive Denita Wawn is pushing to allow first home buyers (FHB) early access to up to $50,000 of their superannuation funds to build or purchase their first homes, alongside a $5 billion construction stimulus in the October budget: Ms Wawn said Mr Frydenberg should allow compulsory super to be used “to help

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Why industry superannuation funds are squealing

APRA released its early superannuation release data for the week ended 9 August, which revealed that another $711 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $31.1 billion: As shown in the next charts, industry funds comprise the top six super funds for early release, together accounting for more

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RBA: 12% superannuation will smash wages, cripple recovery

Prime Minister Scott Morrison stated prior to the 2019 election he would honour proposed legislated increases to the superannuation guarantee (SG), due to take effect as from July 2021. However, he noted on 14 August he might consider abandoning that commitment, given the impact of the COVID-19 pandemic. His comments came after Reserve Bank governor

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Early superannuation withdrawals pass $30 billion

APRA has released its weekly update on the Morrison Government’s early superannuation release program, which reveals that another $957 million was withdrawn in the week ended 2 August: Over the course of the scheme, nearly 4 million applicants have withdrawn $30.3 billion from their retirement nest eggs, averaging $7,695 per withdrawal. As shown in the

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Early superannuation release no disaster for retirement incomes

The Grattan Institute has shot down Paul Keating’s, Labor’s, and the superannuation industry’s incessant scaremongering over the Morrison Government’s early superannuation release policy, claiming that it will only reduce retirement incomes by around 1% for the typical worker: Policy makers can only justify forcibly lowering someone’s living standards during their working life – by lifting

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Paul Keating’s superannuation lies swell

Paul Keating continues to scaremonger against freezing the superannuation guarantee (SG) at 9.5%, claiming it would leave Australians destitute in retirement: “You cannot have a decent income in retirement without self provision. Otherwise, you would have people on the pension which is now what $23,000 or $540 a week?,’’ he said… Mr Keating said if

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Aussie early superannuation withdrawals approach $30 billion

APRA has released its weekly update on the Morrison Government’s early superannuation release program, which reveals that another $1.4 billion was withdrawn in the week ended 26 July: Over the course of the scheme, more than 3.8 million applicants have withdrawn $29.4 billion from their retirement nest eggs, averaging $7,705 per withdrawal. As shown in

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Mortgage offset accounts flooded with early super money

As we know, early withdrawals from superannuation ballooned to $28.0 billion in the week ended 19 July: The Australian Treasury now expects about $41.9 billion in total to be withdrawn from super funds, compared with its previous forecast of $29.5 billion. Analysis of banking data shows that most of this money is being saved, used to