While the superannuation regime is designed to be universal it needs to be re-examined as it may actually contain blind spots in terms of serving the needs of indigenous Australians, KPMG Australia believes.
KPMG's "Igniting the indigenous economy" report said many indigenous Australians lived in remote and regional areas where depressed labour markets leave a significant number of people dependent on welfare and receiving no super at all.
The report argued that the super system needed to respond better to the unique needs of indigenous people.
KPMG recommended for the super system to:
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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