Superannuation

In a November joint statement, Treasurer Jim Chalmers and Finance Minister Katy Gallagher announced that the Future Fund, which is one-third the size of the Australian economy, will be directed to invest in housing, security, and the green energy transition “where possible, appropriate, and consistent with strong returns”.

The superannuation guarantee is scheduled to increase to 12% in July, and Assistant Treasurer Stephen Jones says the federal government has no plans to expand it further.

The 2024-25 Tax Expenditure and Insights Statement was released on Wednesday by the Australian Treasury.

Harry Chemay published an article on Michael West showing data from the latest NAB Wellbeing Survey.

Earlier this year, Vanguard Australia warned that the housing crisis threatens the nation’s retirement system.

Vanguard Australia has warned that the nation’s housing crisis poses a direct threat to the retirement system.

Australia’s retail superannuation market is experiencing a surge in outflows due to the influx of baby boomers approaching retirement age, reports The AFR.

The Senate’s inquiry into the retirement system has been extended for 12 months and will now run until June 2025.

Data from the Association of Superannuation Funds of Australia (ASFA), published in The Australian, shows that couples now require $72,148 a year ($1382 a week) to live comfortably in retirement, while single people need $51,278 ($982 a week).

The New Daily reports that the Coalition may relaunch its policy of allowing Aussies raid their superannuation nest eggs to purchase a home if elected.

The Super Members Council of Australia has released research showing that debt in retirement is increasing.

The retirement system in Australia is built on the assumption that the majority of people will own their homes.

The 2023 Intergenerational Report (IGR) that because of Australia’s compulsory superannuation system, the federal budget will spend less on aged pension despite doubling of retirees.

Deputy opposition leader Sussan Ley has slammed a proposal by 43 industry groupings to reform the superannuation system so that a portion of the funds are set aside to cover an individual’s aged care arrangements.

Three years ago, the Australian Treasury’s Retirement Income Review was released, which lamented that superannuants have been extremely hesitant to draw down their nest eggs.

Almost one-in-four retirees have no intention of using their superannuation nest eggs to pay for their retirements, according to a recent survey of more than 3,000 pensioners conducted by National Seniors and annuity provider Challenger.

Opposition leader Peter Dutton has gone into bat for wealthy retirees making out like bandits from superannuation concessions, using Wednesday’s AFR Business Summit to launch a nonsensical attack on Labor’s modest superannuation changes.

The Association of Superannuation Funds of Australia (ASFA) has urged the federal government to implement measures aimed at reducing the gender retirement savings gap.

The Australian, The AFR and the opposition parties continue to scaremonger over the Albanese Government’s announced increase in the concessional tax rate for superannuation balances of more than $3 million, from 15% to 30% after the next federal election.

The media is full of righteous indignation over the Albanese Government’s announcement that it will increase the concessional tax rate for superannuation balances of more than $3 million from 15% to 30% after the next federal election.

The Albanese Government yesterday announced that it will increase the concessional tax rate for superannuation balances of more than $3 million from 15% to 30%.

Below is an article written for News.com.au: Last week saw the Albanese government release a consultation paper to enshrine an objective for superannuation in law.