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
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
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its early superannuation release data for the week ended 8 November, which revealed that only $159.5 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $35.0 billion: According to APRA: Over the week to 8 November, superannuation funds made payments to 22,000 members, bringing the total number
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its early superannuation release data for the week ended 1 November, which revealed that only $166.3 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $34.8 billion: According to APRA: Over the week to 1 November, superannuation funds made payments to 23,000 members, bringing the total number
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
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its early superannuation release data for the week ended 25 October, which revealed that only $173 million was withdrawn from Australia’s superannuation system, taking the total amount withdrawn early to $34.6 billion: According to APRA: Over the week to 25 October, superannuation funds made payments to 24,000 members, bringing the total number
New modelling released by the Reserve Bank of Australia (RBA) has revealed that lifting the compulsory superannuation guarantee (SG) by 2.5% to 12% would reduce wage growth by 1.75%: The figures are contained in documents compiled by the RBA in January – before the COVID-19 pandemic and economic slump – which forecast the increase in
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
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
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
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
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
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
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
Opposition to lifting the superannuation guarantee (SG) to 12% is growing according to the ABC: Modelling by Super Consumers Australia provided to ABC News suggests funds will earn an extra $427 million in total over the period the superannuation guarantee rises to 12 per cent. “With fees that high, you start to question where that
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
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
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
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
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
If you have ever wondered why the superannuation industry lobbies so vehemently to increase the compulsory superannuation guarantee (SG), all you have to do is follow the money. According to Dr Cameron Murray, superannuation funds stand to benefit from a fee bonanza of up to $270 million if the SG is lifted to its legislated
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
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
Via the AFR: On the afternoon of August 27, noted Quentin Tarantino fan and Dixon Advisory scion Alan Dixon dumped every single share he held in the troubled amalgam of Evans & Partners and Dixon Advisory he helped float only two years ago. By the morning of September 4, ASIC filed notice it was commencing
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
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
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
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
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
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
