Retirement
Hume flip-flops on super cut
Superannuation Minister Jane Hume has warned that the SG increase is a bad idea – but that the Morrison government hasn’t committed to cutting it.
Hume flip-flops on super cut
Superannuation Minister Jane Hume has warned that the SG increase is a bad idea – but that the Morrison government hasn’t committed to cutting it.
Speaking to media, Jane Hume said that while the increase to 10 per cent – currently set for July of this year – has been legislated, “don’t for a second think that doesn’t come with a trade-off”.
“Money doesn’t grow on trees, and there is a good chance that if there is an additional cost to employers when they pay that extra 0.5 per cent, that it will come at the expense of, potentially, wage rises in the future,” Ms Hume said.
“Everything this government is doing is about increasing the number of jobs and increasing wages. So this – while it’s already been legislated and has been legislated for some time – comes at a cost.”
Ms Hume said that Prime Minister Scott Morrison would assess the situation closer to the budget but that the increase couldn’t “come at a worse time”, echoing recent comments from Treasurer Josh Frydenberg that government must “rightfully and carefully consider the implications” of the SG increase before moving ahead.
“It is simply not true, as some would have us believe, that there is virtually no limit to how high the superannuation guarantee can be increased in the name of delivering ever higher retirement incomes. Indeed, for some, there isn’t a problem that cannot be solved through a higher rate of compulsory superannuation,” Mr Frydenberg said.
The government’s failure to commit to a course of action has frustrated its critics, including Industry Super Australia (ISA), which on Friday launched a new “Fox and Henhouse” style campaign to force its hand on the matter.
“Some federal politicians want to break an election promise and cut super, forcing Australians to work longer or retire with less. It’s time for the government to stop messing with super and deliver their promise to workers,” said ISA chief Bernie Dean.
“Australians may have to choose between a financially secure retirement or selling their family home – that’s an unfair choice no one should have to make.”
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more
Superannuation
Super returns fall into the red for FY22
Unless a recovery takes place in the coming weeks, super funds will experience their fifth negative financial year since the introduction of compulsory super. Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more
Superannuation
Super returns fall into the red for FY22
Unless a recovery takes place in the coming weeks, super funds will experience their fifth negative financial year since the introduction of compulsory super. Read more