Superannuation

The Australian Prudential Regulatory Authority (APRA) has released its weekly update on the Morrison Government’s early superannuation release policy, which reveals that another $1.1 billion was withdrawn from Australia’s superannuation pool, taking total withdrawals to $15.9 billion: As you can see, 2.1 million applications for early release have been paid averaging $7,637 per withdrawal.

We are beginning to see incessant lobbying from retiree groups demanding greater taxpayer support in the wake of COVID-19.

Lobby group Industry Super Australia (ISA) has regularly attacked research suggesting that increasing the superannuation guarantee (SG) could cost wage rises and has frequently lobbied to raise the SG to 12%.

The Australian Prudential Regulatory Authority (APRA) has released its weekly update on the Morrison Government’s early superannuation release policy, which reveals that another $1.2 billion was withdrawn from Australia’s superannuation pool, taking total withdrawals to $14.8 billion: As shown above, nearly 2 million applications for early release have been paid averaging $7,475 per withdrawal.

Labor is a genuine dill.

APRA has released its weekly update on the federal government’s early superannuation release policy, which reveals that another $1,590 million funds were withdrawn in the week ending 24 May, with total withdrawals topping $12.2 billion: As illustrated above, just over 1.6 million applications have been paid averaging $7,252.

Robert Lechte, a welfare-state advocate living in Melbourne, believes that Australia’s superannuation system “enshrines inequality”: Like other market-based schemes, superannuation has reinforced and accelerated existing inequalities.

The Australian Prudential Regulatory Authority (APRA) has released its weekly update on the Morrison Government’s early release policy, which reveals that another 1,650 million funds were withdrawn in the week ending 17 May, with total withdrawals topping $10.6 billion: As shown above, just over 1.4 million applications have been paid averaging $7,322.

MacroBusiness has gone to great lengths over many years to explain why Australia’s compulsory superannuation system is not a genuine retirement pillar and is ripe for reform.

An interesting debate emerged at The AFR yesterday with regards to Australia’s compulsory superannuation system.

KPMG has released its latest Super Insights report, which claims the COVID-19 pandemic has disrupted industry funds’ growth trajectory such that they are no longer on track to overtake SMSFs to become the biggest superannuation sub-sector.

Last week, Labor’s housing spokesman Jason Clare called on superannuation funds to build and repair social housing to “keep tradies on the tools”: Work in the housing construction industry is drying up and in the next few months a lot of tradies could be out of work.

Industry superannuation funds claim the Morrison Government’s early release policy has raised “sovereign risk” and will hamper returns in the future: “Clearly the government has changed the rules and super funds now need to factor in sovereign risk [the danger of governments acting precipitously],” [HostPlus CEO David Elia] said.

After vigorously attacking the Morrison Government’s early superannuation release policy, Industry Super Australia (ISA) was accused of exaggerating the impact of this scheme on younger Australians’ retirement savings.

The Australian Prudential Regulatory Authority (APRA) has released new data on the temporary release of superannuation.

For years MacroBusiness has argued that Australia’s superannuation guarantee (SG) should not be raised from the current level of 9.5% to 12%.