The Government has used the Budget to confirm it will not be proceeding with its proposed move to extend early release superannuation to victims of family and domestic violence.
The Budget papers revealed that the decision to not proceed with the measure meant an estimated decrease in receipts of $110 million over the forward estimates and a decrease in payments by $27 million because Australian Taxation Office funding to implement the measure was no longer required.
“Overall, this measure is estimated to decrease the underlying cash balance by $83 million over the forward estimates period,” it said
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
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