Original article by John Kehoe
The Australian Financial Review – Page: 1 & 4 : 30-Sep-19
SMSF Association chair Deborah Ralston was recently named as a members of the federal government’s review of the retirement income system. It has been revealed that Ralston wrote to Treasurer Josh Frydenberg in early July. Amongst other things, she suggested that compulsory superannuation contributions could become voluntary for people on low incomes and young workers, a proposal that has been criticised by Industry Super Australia chairman Greg Combet. Ralston also called for the abolition of tax concessions for large super balances and questioned the need to increase the super guarantee from 9.5 per cent to 12 per cent.
SMSF ASSOCIATION, AUSTRALIA. DEPT OF THE TREASURY, MONASH UNIVERSITY, INDUSTRY SUPER AUSTRALIA PTY LTD, ACTU, ALLIANCE FOR A FAIRER RETIREMENT SYSTEM, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET
Original article by Adam Creighton
The Australian – Page: 1 & 2 : 22-Jul-19
The federal government is facing growing pressure from within its ranks to reconsider an increase in the superannuation guarantee from 9.5 per cent to 12 per cent by mid-2025. Andrew Hastie is among seven backbenchers who oppose the increase; he says it would be preferable for people to use this income to pay off their mortgage now rather than have to wait until they retire. Senator Amanda Stoker in turn says wage increases should be a higher priority at present than changes to the superannuation guarantee.
LIBERAL PARTY OF AUSTRALIA, GRATTAN INSTITUTE, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE, AUSTRALIA. DEPT OF THE TREASURY
Original article by Andrew Tillett
The Australian Financial Review – Page: 5 : 9-Jul-19
The federal government has not adjusted the pension ‘deeming’ rate since March 2015, despite a sharp fall in in interest rates since then. The expenditure review committee will shortly consider reducing the deeming rate, although no action may be possible until the government undertakes its bi-annual review of pension payments on 20 September. Ian Henschke of National Seniors Australia believes that the government is able to review the deeming rate at any time, although Council on the Ageing CEO Ian Yates says the Department of Human Services’ outdated computer systems means that an immediate reduction in the deeming rate may not be possible.
NATIONAL SENIORS AUSTRALIA LIMITED, COUNCIL ON THE AGEING, AUSTRALIA. DEPT OF HUMAN SERVICES, AUSTRALIA. DEPT OF SOCIAL SERVICES, AUSTRALIA. EXPENDITURE REVIEW COMMITTEE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY
Original article by John Kehoe
The Australian Financial Review – Page: 3 : 3-May-19
The compulsory superannuation guarantee is slated to rise from 9.5 per cent to 12 per cent over stages between 2021 and 2025. However, the Productivity Commission recently called for any increase to be put on hold until an independent inquiry into the Australian retirement income system has been held, while the Grattan Institute argues that lifting the employer contribution to 12 per cent would cost workers $20 billion a year in take-home pay, as well as making wage growth even more sluggish than it already is.
AUSTRALIA. PRODUCTIVITY COMMISSION, GRATTAN INSTITUTE, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT
Original article by David Crowe
The Australian – Page: 1 & 4 : 3-May-16
The Australian Government’s May 2016 Budget will include new limits on personal contributions to superannuation funds and an increase in the tax on super contributions by people whose annual income exceeds $A250,000. The Budget will also feature superannuation measures for people on low incomes, as well as women who go on maternity leave. There will also be changes to the "transition to retirement" regime.
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY
Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 6 : 1-Dec-15
The Productivity Commission will release a report on housing and retirement on 1 December 2015. The commission will recommend releasing capital which is now frozen as equity in residential property. This money could be used as retirement income. Commissioner Karen Chester says Australians must change their attitude to property.
AUSTRALIA. PRODUCTIVITY COMMISSION, THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED
Original article by Gretchen Friemann, David Uren
The Australian – Page: 6 : 20-Nov-15
The Australian Government has proposed measures aimed at reducing retirees’ dependence on the age pension by encouraging them to sell their family home and use the proceeds to invest in retirement products such as annuities. Measures being considered by Treasurer Scott Morrison include a stamp duty exemption for people who downsize to a smaller home and excluding the proceeds from the sale of a family home from the assets test for the age pension.
AUSTRALIA. DEPT OF SOCIAL SERVICES, AUSTRALIA. PRODUCTIVITY COMMISSION, COUNCIL ON THE AGEING, CHALLENGER LIMITED – ASX CGF, AUSTRALIAN LABOR PARTY, NEW SOUTH WALES. THE TREASURY
Original article by Ben Potter
The Australian Financial Review – Page: 5 : 25-Sep-15
Older Australians own almost $A1bn worth of residential property assets. Treasurer Scott Morrison has proposed that they capitalise on this wealth by downsizing to a smaller home and using the proceeds to help finance their retirement. However, retired engineer Peter Walker argues that many retirees could not afford to buy a smaller home that is close to family and friends. Walker and his wife opted for a home equity loan rather than a reverse mortgage to provide them with a retirement income stream.
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. PRODUCTIVITY COMMISSION, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, HOMESAFE SOLUTIONS PTY LTD
Original article by Joanna Mather
The Australian Financial Review – Page: 7 : 28-Aug-15
National Seniors Australia has called for rules to force superannuation managers to cut back on fees, which amounted to $A21 billion a year. If funds did not voluntarily moderate fees, the regulator might have to step in, CEO Michael O’Neill said. Grattan Institute CEO John Daley told the National Reform Summit there was insufficient competition in the super industry to drive down fees. He has proposed a plan to save $A5 billion in fees which involves a tender process and a series of no-frills super products.
NATIONAL SENIORS AUSTRALIA LIMITED, GRATTAN INSTITUTE, SUPERRATINGS PTY LTD, KPMG, AUSTRALIAN LABOR PARTY
Original article by Sally Patten, Sally Rose
The Australian Financial Review – Page: 1 & 6 : 3-Jun-15
Financial system inquiry chairman David Murray says changes to Australia’s superannuation regime will be necessary in the future. The Federal Government has indicated that super reform is not on its agenda, but Murray says that failure to pursue reforms will ultimately undermine confidence in the super system. The Australian Council of Social Service is among the organisations that have called for a review of the entire retirement incomes system.
AUSTRALIAN COUNCIL OF SOCIAL SERVICE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, COMMITTEE FOR SUSTAINABLE RETIREMENT INCOMES, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, LIBERAL PARTY OF AUSTRALIA