The Federal Government has again placed doubt on future rises in the superannuation guarantee with the Treasurer, Josh Frydenberg saying he and the Prime Minister are concerned about the impact on Australia’s post-COVID economic recovery.
The Reuniting More Super Bill will improve efficiency and reduce the number of multiple accounts while the Hayne Royal Commission Response No. 2 Bill will allow super members more access to advice, the association believes.
The industry should be discussing retirement income rather than superannuation and the super guarantee as it does not encompass the broad range of issues of the retirement system, according to a panel.
While much attention was focused on other elements of its Your Future, Your Super legislation, the Government has moved at the same time to impose key obligations with respect to portfolio holdings disclosure.
While improving market valuations and returns has seen a rebound in assets under custody, wet signature requirements remain the weakness in custody, according to the Australian Custodial Services Association (ACSA).
Industry superannuation funds want the Government’s new Your Future Your Super legislation referred to a Senate Committee claiming it creates an unprecedented over-reach of power amounting to a “kill switch”.
The country is dealing with a Liberal Party that is going down a spiral of dangerous ideology and extreme partisan envy, taking workers’ wages and super with it, according to Shadow Treasurer Jim Chalmers.
If the Government continues to use the early release of superannuation as a tool likely to be used in extreme situations, super funds need to consider their liquidity requirements going forward, according to Hesta.
The Government is being accused of regulatory over-reach via its Your Future Your Super legislation with industry funds, company directors, employers and accounts coalescing to opposing key elements including best interests changes which they claim reverse the legal burden of proof.
There has been a 10% increase in labour productivity in the last eight years and not a cent has gone to wages, and more money in superannuation can help fund public rental housing and build to rent properties, according to former Prime Minister Paul Keating.
It is an “oddity” the Liberal Party does not support private savings and failing to increase the superannuation guarantee will leave people missing out on hundreds of thousands of dollars in retirement, according to Greg Combet.
Ten superannuation funds experienced outflows in excess of a billion dollars as a result of the Government’s COVID-19 hardship superannuation early release regime, with industry funds and big bank entities sharing the pain.