Going through with the legislated superannuation guarantee (SG) increase over the next five financial years is a good step in stemming the growing inequality in the country, according to Rice Warner.
In an analysis, the research house said there would be several positive impacts of increasing the SG including:
Rice Warner noted low wage growth had presented middle Australians with significant challenges to their short-term financial security and living standards.
“When coupled with soaring asset values and the structural factors driving that rise, low wage growth also threatens their medium-term financial security and living standards,” it said.
“Let us not threaten their long-term financial security and living standards as well by retreating from our commitment to what is globally recognised as one of the very best retirement systems. Instead, let’s focus on ways to improve the system and make it even better.”
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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