Superannuation

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.

Treasurer Jim Chalmers on Thursday said the government has ruled out a higher tax rate on super contributions or earnings.

This week, the Albanese Government released a consultation paper to enshrine an objective for superannuation in law.

Australia’s superannuation system has come into the spotlight this year with AustralianSuper, HESTA and Aware Super among large industry players calling for a $5 million limit on account balances in order to improve equity and stem the cost of superannuation concessions to the federal budget.

The Australian Treasury’s Retirement Income Review complained that superannuants have been highly reluctant to draw down their nest eggs.