Retirement
Government urged to take immediate action on reforms
The recovering economic outlook, both globally and domestically, means the government must act now or risk more severe corrections later.
Government urged to take immediate action on reforms
The recovering economic outlook, both globally and domestically, means the government must act now or risk more severe corrections later.
Standard Life Investments’ chief economist Jeremy Lawson said a rallying economy means the current government would be wise enact reform early.
“The recovering global and domestic economy provides a window of opportunity to implement change- if it is wasted, adjustments will eventually have to be far more severe,” Mr Lawson warned.
Over the next 5 years Australia will need to contend with diminished housing affordability, falling inflation, the possibility of blunted monetary policy and a ratings downgrade, a deteriorating long-term fiscal position, and stagnant wages.
“It is critical that the re-elected government tackles all of these challenges at source,” he urged.
“Australian’s think tanks and policymakers are not short of ideas for structural reforms, fiscal reforms and the rebuilding of Australia’s physical and intellectual infrastructure.”
He credited Australia’s current economic status to bygone economic managers, saying the country’s good fiscal standing was “thanks more to the efforts of distant governments than more recent ones.”
He dismissed more contemporary government makers as lacking foresight.
“The RBA has been forced to do too much of the heavy lifting to support economic rebalancing while successive government have avoided reforms and pursued the wrong fiscal mix,” he explained.
He says that with Australia having coped comparatively well in a volatile market and with the mining boom winding down, the opportunity to implement reform is now.
“In many ways the Australian economy has absorbed the shock from lower commodity prices exceptionally well,” Mr Lawson explained.
“The non-mining economy, and especially housing, tourism and broader consumer spending has strengthened enough to partially offset the commodity shock, while the labour market has also performed well, showing the benefits of flexibility enhancing reforms over previous decades,” he added.
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
Could the Super Home Buyer Scheme ‘torpedo’ Aussie super savings?
Industry Super Australia has argued that the scheme would force funds to hold more cash. 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
Could the Super Home Buyer Scheme ‘torpedo’ Aussie super savings?
Industry Super Australia has argued that the scheme would force funds to hold more cash. Read more