One of the mainstays of the campaign opposing the Australian Labor Party’s (ALP) move to remove refundable franking credits, fund manager Geoff Wilson, has signalled a continuation of the fight even if Bill Shorten becomes Prime Minister.
In a letter to shareholders, the chair of Wilson Asset Management said it was still possible the ALP’s franking credit changes would be blocked in the Senate.
“Regardless of which political party wins the upcoming Federal Election, we hope that Labor abandons or dramatically changes this inequitable policy,” he said.
“We believe there is cause for hope. For example, nine of the 10 crossbench Senators have committed to blocking the changes if they reach the Senate in their current form and two have adopted our term for the policy – “retirement tax”.
Wilson said his company’s campaign against the proposal to remove franking credit refunds “had secured the policy’s position as a key election issue and ensured it has attracted the scruinty it deserves”.
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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