Superannuation

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%.

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.

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.

Australia’s compulsory superannuation system is incredible for fund managers.

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.

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.

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.

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.

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.

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.

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.

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.