The Federal Government has made clear it has no plans to abandon raising the superannuation guarantee to 12 per cent by 2025 despite research from lobby group, the Grattan Institute, that the rise is not warranted.
Federal Treasurer, Josh Frydenberg has used multiple media interviews to reinforce that the Government has no plans to change its approach to the SG.
The Coalition Government acted to delay the Australian Labor Party’s planned program of increases to the superannuation after it came to office in 2013 meaning it would not reach the planned 12 per cent until 2025, seven years later than planned by the Labor Party.
Questioned on the Grattan Institute suggestions that an increase was not warranted, Frydenberg said the Government had no plans to change its approach, citing the certainty needed by retirees.
“I think people want the certainty when they are planning their investment, that’s legislated, and planning for their retirement,” he 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.
Add new comment