The Queensland Government has ruled out any use of public servants' superannuation to help bolster its Budget position.
After a morning of speculation that the Government might seek to utilise access to public service super to help its Budget position, the State Treasurer, Curtis Pitt, formally ruled out such a move and attributed the speculation to "opposition scaremongering".
"We made a commitment at the election to maintain a fully funded public sector superannuation scheme, unlike any other State or Territory in the nation, and that's what we'll deliver," he said.
"No money is being taken out – nothing is being 'raided'.
Pitt said the Queensland Government's defined benefit scheme was fully funded, and would remain fully funded.
"There will be no change to the entitlements of defined benefit members in [the] State Budget," he said.
"There will also be no changes to the accumulation fund, to which the majority of public servants belong."
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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