Superannuation

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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

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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

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its early superannuation release data for the week ended 8 November, which revealed that only $159.5 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $35.0 billion: According to APRA: Over the week to 8 November, superannuation funds made payments to 22,000 members, bringing the total number

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its early superannuation release data for the week ended 1 November, which revealed that only $166.3 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $34.8 billion: According to APRA: Over the week to 1 November, superannuation funds made payments to 23,000 members, bringing the total number

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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

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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

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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

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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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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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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