Retirement
Hume stands firm on super crackdown
Senator Jane Hume has said that super funds “must deliver more” for the Australian people and gave no ground on the increasingly controversial issue of benchmarking.
Hume stands firm on super crackdown
Senator Jane Hume has said that super funds “must deliver more” for the Australian people and gave no ground on the increasingly controversial issue of benchmarking.

Speaking to the Australian Shareholders Association (ASA), Ms Hume warned that the Your Future, Your Super reforms would “put beyond doubt” that trustees must act in the best financial interests of members.
“I am not saying that direct investments in airports, social housing or energy generation are inappropriate – far from it. We also know that there is an illiquidity premium that comes with large-scale direct infrastructure investment, which can add great value to a portfolio,” Ms Hume said.
“But to invest in these things for any reason other than the best financial interests of members – even if it’s to improve the economy or create jobs – is a breach of obligations to members who have entrusted trustees to have one overarching objective – their best financial interests.”
The reforms will also require funds to disclose executive remuneration, political donations, marketing spend and other expenses that have previously drawn the ire of government and regulators – including sporting sponsorships and external entertainments such as Hostplus’ now infamous Australian Open cash splash.

“The Productivity Commission’s landmark report on the superannuation system lamented this lack of transparency, speaking at length of the ‘yawning gaps’ in superannuation data,” Ms Hume said.
“In a compulsory system, this is not good enough. A system which automatically receives almost one in every 10 dollars earned by Australians must be held to highest standards of transparency. People should be able to see exactly where that money is being invested and where every cent of their compulsory superannuation savings are being spent.”
Ms Hume also stood firm on the issue of benchmarking, which a number of fund executives have warned could create unintended consequences for members, noting that 21 out of 77 MySuper products had already underperformed their own benchmark by more than 0.5 percentage points.
“Being in a poorly performing fund can have a significant impact on how much super Australians have when they retire,” Ms Hume said.
“That is why the Morrison government wants – and expects – the superannuation system to deliver more for Australians.”

Superannuation
Superannuation guarantee rate rises to 12 per cent as parental leave changes take effect
The superannuation guarantee rate has increased from 11.5 per cent to 12 per cent from Tuesday, with super contributions also being added to Commonwealth Parental Leave Pay for the first time. Read more

Superannuation
Rest's Sustainable Growth option achieves highest sustainability classification
Rest superannuation fund has achieved the highest sustainability classification for its Sustainable Growth investment option from the Responsible Investment Association Australasia. Read more

Superannuation
Aware Super slashes admin fees for retirees by up to 25 per cent
Aware Super has reduced administration fees for members with a retirement income account by up to 25 per cent and lowered the maximum annual fee. Read more

Superannuation
SuperAPI co-founder criticises Labor's superannuation tax as 'sneaky tax on young people'
The co-founder of SuperAPI has labelled Labor's proposed tax on superannuation balances above $3 million as a "sneaky tax on young people, tomorrow" disguised as a policy targeting wealthy retirees ...Read more

Superannuation
Election policies could reshape Australia's superannuation landscape, expert warns
Competing superannuation policies from Australia's major political parties could have significant implications for investors and retirees, according to a financial expert. Read more

Superannuation
Industry leaders weigh in on concessional super tax as Budget confirms $55bn investment
Changes to the taxation of superannuation earnings and contributions have drawn mixed responses from financial and payroll sector leaders, as the Federal Budget confirms over $55 billion in ...Read more

Superannuation
Call for indexation on super tax cap as $3m threshold draws criticism
A senior executive in the superannuation technology sector has criticised the Federal Government for failing to index the proposed $3 million superannuation tax cap, arguing the measure will unfairly ...Read more

Superannuation
Rest members back calls for fairer superannuation rules ahead of Federal Budget
Rest has called on the Federal Government to implement superannuation reforms aimed at improving fairness across the system, after member survey results showed strong support for a range of proposed ...Read more

Superannuation
Superannuation guarantee rate rises to 12 per cent as parental leave changes take effect
The superannuation guarantee rate has increased from 11.5 per cent to 12 per cent from Tuesday, with super contributions also being added to Commonwealth Parental Leave Pay for the first time. Read more

Superannuation
Rest's Sustainable Growth option achieves highest sustainability classification
Rest superannuation fund has achieved the highest sustainability classification for its Sustainable Growth investment option from the Responsible Investment Association Australasia. Read more

Superannuation
Aware Super slashes admin fees for retirees by up to 25 per cent
Aware Super has reduced administration fees for members with a retirement income account by up to 25 per cent and lowered the maximum annual fee. Read more

Superannuation
SuperAPI co-founder criticises Labor's superannuation tax as 'sneaky tax on young people'
The co-founder of SuperAPI has labelled Labor's proposed tax on superannuation balances above $3 million as a "sneaky tax on young people, tomorrow" disguised as a policy targeting wealthy retirees ...Read more

Superannuation
Election policies could reshape Australia's superannuation landscape, expert warns
Competing superannuation policies from Australia's major political parties could have significant implications for investors and retirees, according to a financial expert. Read more

Superannuation
Industry leaders weigh in on concessional super tax as Budget confirms $55bn investment
Changes to the taxation of superannuation earnings and contributions have drawn mixed responses from financial and payroll sector leaders, as the Federal Budget confirms over $55 billion in ...Read more

Superannuation
Call for indexation on super tax cap as $3m threshold draws criticism
A senior executive in the superannuation technology sector has criticised the Federal Government for failing to index the proposed $3 million superannuation tax cap, arguing the measure will unfairly ...Read more

Superannuation
Rest members back calls for fairer superannuation rules ahead of Federal Budget
Rest has called on the Federal Government to implement superannuation reforms aimed at improving fairness across the system, after member survey results showed strong support for a range of proposed ...Read more