Superannuation

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The Morrison government’s new plan has been met with a mixed response by industry stakeholders.

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On Sunday, Prime Minister Scott Morrison announced the Coalition’s Super Home Buyer Scheme which would enable first home buyers to use up to 40 per cent of their superannuation (maximum $50,000) towards buying a house.

"This would apply to both new and existing homes and whatever amount is invested will be returned to your super when you sell the home, including the share of the capital gain from the sale of that home,” Mr Morrison said at the Liberal party’s federal election campaign launch in Brisbane.

"Superannuation is there to help Australians in their retirement — the evidence shows that.

"The best thing we can do to help Australians achieve financial security in their retirement is to help them own their own home."

First home buyers who have separately saved 5 per cent of the required deposit would be eligible for the scheme to start on 1 July 2023. Buyers must also only buy the property for owner-occupier purposes and must live in the home for at least 12 months. 

Shortly after the announcement, the Financial Services Council (FSC) rejected the scheme, with CEO Blake Briggs explaining it would undermine the purpose of the superannuation system and “weaken” its ability to provide higher standards of living in retirement.

"The FSC recognises there is a correlation between renting in retirement and poverty amongst older Australians, but Australians should not have to choose between a home and their retirement savings,” Mr Briggs said.

“The government’s own majority report into ‘Housing Affordability and Supply in Australia’ concluded that superannuation should only ever be used for housing if there were commensurate measures to increase supply. 

“The government’s supply measure only extends downsizing to 1.3 million households, whilst potentially allowing approximately 5.3 million under 35-year-old Australians that do not yet own a home access their superannuation to buy a first home.

“The government has an obligation to do more to boost supply, otherwise unleashing superannuation savings on the housing market risks driving prices higher still.”

Similarly, Insurance Super Australia (ISA) said not only does the scheme undermine retirement savings, but that it would add tens of thousands of dollars to housing prices.

Analysis conducted by ISA suggested that a surge in housing prices could hike Australia’s five major capital city median property prices by 8 to 16 per cent.

“Throwing super into the housing market would be like throwing petrol on a bonfire – it will jack up prices, inflate young people’s mortgages and add to the aged pension, which taxpayers will have to pay for,” ISA chief executive Bernie Dean said.

“Super is meant to be for people’s retirement, not supercharging house prices and pushing the home ownership dream further away.

“Not only will it lock young people into hugely inflated mortgages without any requirement for their own deposit, it will torpedo investment returns for everyone leading to everyone having far less at retirement.”

Property economists McKell Institute has also announced their stance against the Coalition’s plan, referencing a report it released just five months ago which looked at the effects on the housing market should Australians be allowed to use their super on a home deposit.

The modelling found that giving prospective buyers access to $40,000 of superannuation would increase the median house prices across the country – almost $100,000 in Brisbane, over $90,000 in Hobart, over $84,000 in Adelaide, over $57,000 in Perth, over $40,000 in Sydney, over $30,000 in Melbourne.

The McKell Institute report’s suggested an additional $25 billion of debt would be incurred by Melbourne homes and $23 billion in Sydney.

“Homes are already unaffordable for millions of Australians and Scott Morrison’s proposal would pour fuel on the fire," McKell Institute executive director Michael Buckland said. 

"What first home buyers desperately need is a little calm in the overheated housing market. This proposal would kick start yet another house price spiral, stripping young people of their super savings and doing virtually nothing to improve real affordability. 

"Super-for-housing would basically mean first home buyers handing their hard-earned retirement savings to existing property owners, when they would be much better off investing that money in super.

"Young Australians need their retirement savings quarantined and compounding. Using these savings to fuel yet another house price frenzy would be policy madness."

Super boost for retirees 

Meanwhile, the Retirement Living Council of the Property Council of Australia has applauded a separate plan announced by the government on Sunday to “incentivise” older Australians by encouraging them to downsize their homes and put up to $300,000 from the sale into their superannuation fund.

Executive director Ben Myers called the move an important step for both older Australians looking for a home that suits them, and younger families who will see more stock on market.

Mr Myers said the Coalition’s scheme would get Australia on a path to “right-sizing”.

“We know many older Australians face barriers to right-sizing their housing and today’s announcement will provide real incentives to encourage people to unlock their home equity and move into a home that supports them to live independently for longer,” he said.

“Encouraging older Australians to right-size, not only contributes to healthier ageing, it’s also one of the smartest and fastest ways a government can boost much needed housing supply for families.”

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The Morrison government’s new plan has been met with a mixed response by industry stakeholders.

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A renewed commitment from the Morrison government to back a 12 per cent lift to the superannuation guarantee as presently legislated, has been warmly welcomed by the superannuation sector as a “bipartisan commitment” to Australians counting on “super certainty” for their retirement funds.

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The pledge comes as the government faces an imminent federal election on 21 May, with Prime Minister Scott Morrison reaffirming the Coalition’s position in supporting a rise in the superannuation guarantee if re-elected.

One of the superannuation sector’s biggest peak bodies, Industry Super Australia was elated by the Prime Minister’s announcement, commenting that it establishes a “strong bipartisan pact” that will “deliver dignity in retirement for millions”.

As the rate increase is enshrined in legislation, the government will be obliged to facilitate rises of “affordable” 0.5 per cent increments each year until it reaches 12 per cent by 2025.

Industry Super Australia feels the announcement reinforces a Coalition commitment made in December 2021, to increase the rate without delay and without making parts of the increase optional.

The Labor Party has also backed the superannuation guarantee rise, with an affirmed commitment from Shadow Assistant Treasurer and Shadow Minister for Financial Services, Stephen Jones.

According to Industry Super Australia, Australians “strongly support” the increases, with a recent consumer survey showing two-thirds of Australians “want politicians to stop tinkering with the super rate”.

“A 30-year-old could stand to lose $78,000 at retirement if the legislated increase was scrapped,” a statement from Industry Super Australia said.

Industry Super Australia also called on the next government to commit to closing the gender super gap and to fix unpaid super by making super payable on payday, “to ensure workers get the full benefit of the superannuation guarantee increase”.

Industry Super Australia chief executive Bernie Dean welcomed the Prime Minister’s “ironclad commitment” that a re-elected Coalition government would not alter the legislated increases in the Super Guarantee in any way.

“The commitment from both major parties to leave the super rate alone is a no-brainer given how much the community supports it going up,” Mr Dean said.

“Our federal politicians now need to make sure every worker gets the full benefit of the locked-in rise in the super guarantee by requiring all employers to pay it with wages. Only that will fix the scandal of unpaid super that costs about one in every four workers billions of dollars each year.”

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Yes

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A renewed commitment from the Morrison government to back a 12 per cent lift to the superannuation guarantee as presently legislated, has been warmly welcomed by the superannuation sector as a “bipartisan commitment” to Australians counting on “super certainty” for their retirement funds.

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A new investment of $13 billion into private equity globally over the next two years from AustraliaSuper, the nation’s biggest superannuation fund, is expected to bolster long-term returns for its members.

" ["fulltext"]=> string(2816) "

The super fund intends to inject $9.5 billion into the United States where it’s targeting a range of sectors including healthcare, technology, industrials, consumer and financials.

The new $13 billion investment is a core element of an ambitious financial strategy, under which the fund aims to invest in a diversified portfolio of private equity that it forecasts will boost its overall private equity investment to $26 billion over the next two years, further reaching $50 billion within five years.

Already spruiking a mammoth $260 billion in member assets, the new investment follows the recent expansion of its offices into New York. The fund currently invests $72 billion globally, with the expectation of growing to $100 billion by 2024.

AustralianSuper’s head of private equity, Terry Charalambous, said the fund will increase its allocation to private equity from 5 per cent today to 7 per cent by 2024 as part of its strategy to boost investment in unlisted assets.

“We have a compelling offer,” Mr Charalambous said. “Not only can we act quickly and deploy large amounts of capital, but we can also bring considerable value to the process by leveraging the deep sector expertise of a 70-person strong global listed equities capability that manages over $143 billion.”

“To help implement the fund’s strategy, our US-based private equity team will grow to 20 members in the next few years, focused on strengthening relationships with well-aligned investment partners and sourcing compelling long-term investment opportunities,” Mr Charalambous said.

He said that the fund has adopted a three-pronged investment approach, which includes investing in General Partner (GP) funds, investing alongside GPs in co-investment and co-underwriting opportunities.

“We have a strong focus on identifying best-in-class managers and working with them to build a relationship that will enable us to invest across all our strategies over the long term," Mr Charalambous said.

“We have strong relationships with our GP partners who we work with strategically in co-investment and co-underwrite opportunities.”

He hailed the fund’s large pool of long-term capital, as well as its processes that align with the “cadence of private equity transactions and can assess and act on opportunities very quickly”.

Following its start in co-underwriting in 2018, AustralianSuper has worked with preferred GPs to deploy $3 billion in co-underwrite transactions and co-investments over the past 18 months across 10 transactions globally.

Mr Charalambous said the fund is working with leading GPs to source opportunities, including management buyouts, growth equity financing and public to private transactions.

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Yes

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A new investment of $13 billion into private equity globally over the next two years from AustraliaSuper, the nation’s biggest superannuation fund, is expected to bolster long-term returns for its members.

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["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(86) "/retirement/superannuation/australiansuper-injects-13bn-investment-into-private-equity" ["image"]=> string(50) "images/article-826x550/piggy-bank-hand-pick-ne.jpg" ["image_alt"]=> string(5) "super" } [3]=> object(stdClass)#7526 (56) { ["id"]=> string(5) "18261" ["title"]=> string(45) "ATO fails to collect billions in unpaid super" ["alias"]=> string(45) "ato-fails-to-collect-billions-in-unpaid-super" ["introtext"]=> string(103) "

A damning audit has revealed the ATO collected a dismal 15 per cent of unpaid super each year.

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The Australia Tax Office (ATO) has been accused of failing to collect billions in unpaid superannuation in a damning audit.

According to a report from the Australian National Audit Office (ANAO), the ATO has moved to “low-touch” nudges instead of “resource-intensive audit activity” in its approach to employers who fail to pay superannuation.

As such, less than 15 per cent of unpaid superannuation has been collected annually, even after the ATO committed to acting proactively on 40 per cent of corrective compliance activities in the three or four years to 2020-21.

In fact, the ANAO said the level of proactive compliance activities undertaken by the ATO declined after the super guarantee taskforce was introduced in 2017.

The report revealed that the ATO was owed $2.9 billion in taxes charged to employers who fail to pay superannuation, but the industry has said that figure stands closer to $5 billion.

Reacting to ANAO’s findings, Industry Super said the report is “a damning indictment on the tax office compliance activity”.

Going a step further, Industry Super accused the tax office of possibly “acting illegally” when it gave “almost all employers” a free pass. 

From 2015 to 2017 the ATO ran a practical amnesty where it would not fine employers who admitted they had underpaid super to staff and had made some restitution. This ‘light touch’ approach to compliance was stopped when it was found it could be an illegal use of the ATO’s powers.  

“It's yet another government report showing how ordinary workers are missing out on billions of dollars they've earned because of old-fashioned laws and no effective enforcement,” Industry Super Australia chief executive, Bernie Dean, said of ANAO’s report.

“Along with our federal politicians who could easily fix this problem at its source, the ATO needs to do better than just recovering a dismal 15 per cent of the unpaid super bill each year.”

Prior to the release of the report, Labor revealed a plan to nudge the ATO to set and hit transparent unpaid super recovery targets by requiring the tax office to report its results to the parliament.

But ISA doesn’t believe this alone will stamp out the problem and is calling on politicians to commit to mandating that super is paid with wages, rather than the current four times a year.

“Labor's commitment to beef up ATO compliance and make it easier for workers to recover unpaid super is a step in the right direction, but it won't amount to much until they go the next step to require employers to pay super with workers' wages just like all federal politicians get,” Mr Dean said. 

He argued that quarterly payments can be exploited by those deliberately short-changing workers, making it harder for the ATO to chase debt and difficult for workers to keep track of their super payments.

 

 

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A damning audit has revealed the ATO collected a dismal 15 per cent of unpaid super each year.

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["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(72) "/retirement/superannuation/ato-fails-to-collect-billions-in-unpaid-super" ["image"]=> string(44) "images/article-826x550/ATO-new-still1-ne.jpg" ["image_alt"]=> string(3) "ATO" } [4]=> object(stdClass)#7527 (56) { ["id"]=> string(5) "18248" ["title"]=> string(48) "Aware Super highlights benefits of super mergers" ["alias"]=> string(48) "aware-super-highlights-benefits-of-super-mergers" ["introtext"]=> string(135) "

VicSuper members are set to see a reduction in processing times and greater levels of self-service, Aware Super has indicated.

" ["fulltext"]=> string(2660) "

Aware Super has announced that hundreds of thousands of VicSuper members have been migrated into a new digital environment that will significantly reduce the use of paper forms.

Over 90 per cent of member transactions will move from paper-based processes to online transactions, which the $155 billion super fund suggested will cut processing times by a matter of weeks in some cases.

Aware Super CEO Deanne Stewart said that the digital transformation was only possible due to its recent history of successful mergers.

These include the 2020 merger between VicSuper and First State Super as well as subsequent mergers with WA Super in 2020 and the Victorian Independent Schools Superannuation Fund in 2021.

“Super fund mergers need to deliver tangible benefits to their members,” said Ms Stewart.

“The early benefits to flow to members from our recent mergers focused on quick wins such as lowering administration fees by 20 per cent for VicSuper members, lowering fees for our pension members, or lowering insurance costs for our WA Super members.

“The major enhancements we’re announcing today are the next step in us doing even better for members. At Aware Super we believe the future of super demands we rethink – from the ground up – how a member’s experience of their super fund should be designed.”

The super fund said that almost a quarter of its 1.1 million members will be transitioned into the new digital environment by the end of this month, with the migration set to continue in stages throughout 2022 and early 2023.

“We’re putting each member in the driver’s seat for their own personal journey to, and through, retirement, and our goal is to deliver an experience that makes each member feel as though the fund has been built just for them,” said Ms Stewart.

“We’ve spent nearly two years working towards these changes, which will dramatically reduce processing times for common transactions, and provide a level of self-service for members that’s similar to what they’re used to with online banking or shopping.”

As an example, Aware said that the new VicSuper app and online member portal will allow members to monitor the progress of their transactions in real time similar to tracking a parcel.

“We’ve already seen members reporting improvements in how easy we’re making it for them to get the support they need from our teams, which highlights the importance of making sure we put the member first in the design of both the online and offline systems we’ve been building,” Ms Stewart concluded.

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Yes

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VicSuper members are set to see a reduction in processing times and greater levels of self-service, Aware Super has indicated.

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Yes

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