The Federal Opposition has refused to back a five-year moratorium on significant change to superannuation, claiming some beneficial change is necessary.
The Shadow Assistant Treasurer, Senator Mathias Cormann, said the Coalition had committed to no unexpected negative changes but would pursue those changes it believed to be positive, such as with default funds under modern awards and improving corporate governance.
He said the Coalition would also be moving to fix the excess contributions regime.
Cormann also suggested that the Federal Treasurer, Chris Bowen, would be able to wriggle out of his five-year commitment by not specifying what is “significant”.
Cormann also recommitted the Coalition to delivering on the 12 per cent super guarantee, albeit two years later than the Government.
He said the Coalition’s preference was for industry to self-regulate where possible.
A “concerning” number of Aussies don’t know what they pay in super fees, a young super fund has said.
The corporate regulator has shared some ‘disappointing’ findings upon reviewing the public communications of more than 20 trustees with regards to death benefits.
According to the industry body, funds should have an obligation to transfer members in failing products to better-performing products in a timely way.
The $9 billion fund is backing agriculture investor GO.FARM, with its capital already directed towards enhancing two key assets.
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