Original article by Lachlan Moffet Gray
The Australian – Page: 15 : 8-Sep-20
Data from the Australian Prudential Regulatory Authority shows that $32.6bn has now been withdrawn from superannuation funds via the federal government’s early access scheme. However, there is evidence to suggest that the rate of withdrawals is slowing, with just $380m paid out to fund members in the week to 30 August. This is the lowest weekly total since the scheme began. Meanwhile, Brendan Coates of the Grattan Institute says the scheme’s impact on retirement income has been overstated, although ACTU president Michele O’Neil disagrees with this view.
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, GRATTAN INSTITUTE, ACTU
Original article by Adrian Flores
My Business – Page: Online : 24-Jul-20
The federal government has extended the deadline for people wanting to apply for the early release of up to $10,000 from their superannuation fund from 24 September to 31 December. The government has also advised that the COVID-19 SME Guarantee Scheme has been extended to loans written until 30 June 2021, and that the Supporting Apprentices and Trainees wage subsidy has been extended for an additional six months to 31 March 2021, as well as being broadened to cover medium-sized businesses from 1 July.
Original article by Samantha Bailey
The Australian – Page: 15 : 7-Jul-20
Data from the Australian Prudential Regulation Authority shows that superannuation fund members have now withdrawn some $18.1bn via the federal government’s early access scheme. APRA expects the new financial year to prompt another surge in applications to withdraw money from super funds. People who have experienced financial hardship due to the coronavirus pandemic can withdraw up to $10,000 from their super fund in both the 2019-20 and 2020-21 financial years.
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY
Original article by Gerard Cockburn
The Australian – Page: 15 : 16-Jun-20
Data from the Australian Prudential Regulation Authority shows that 2.12 million people have applied to withdraw money from their superannuation fund via the federal government’s early access scheme. Some $14.8bn has been paid out to 1.98 million fund members; AustralianSuper heads the list, having paid out $1.98bn to 264,404 members. The early access scheme has been criticised by the ACTU in a submission to a Senate committee hearing into the federal government’s response to the coronavirus pandemic.
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIANSUPER PTY LTD, ACTU
Original article by Joanna Mather, Tom McIlroy, Michael Roddan
The Australian Financial Review – Page: 12 : 8-May-20
The federal government has advised that 1.2 million people have now applied to withdraw a total of $10.2bn from their superannuation fund via its early access scheme. Treasury had forecast that about $27bn in total will be withdrawn by people who have experienced financial hardship due to the pandemic. Meanwhile, the Australian Federal Police have executed five search warrants as part of an investigation into allegations that fraudsters are taking advantage of the scheme. Tax Commissioner Chris Jordan has told a Senate inquiry that about $120,000 has been stolen from super funds by fraudsters.
AUSTRALIAN TAXATION OFFICE, AUSTRALIAN FEDERAL POLICE, AUSTRALIA. DEPT OF THE TREASURY
Original article by Cliona O’Dowd
The Australian – Page: 17 : 1-May-20
The Australian Prudential Regulation Authority generally expects superannuation funds to release money under the federal government’s early access scheme within five business days. APRA requires super funds to provide it with a range of data every week regarding the early access regime, and a spokesman says it is prepared to pursue enforceable action against funds that do not pay eligible members within an appropriate time-frame. APRA is collecting both industry-level and fund-level data, which will be publicly disclosed.
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY
Original article by Joanna Mather, Tony Boyd, Aleks Vickovich
The Australian Financial Review – Page: 1 & 8 : 3-Apr-20
Treasury has forecast that about $27bn in total will be withdrawn from superannuation funds after the federal government relaxed the rules governing early access for people who have been impacted by the pandemic. AustralianSuper CEO Ian Silk notes that industry estimates suggest that withdrawals could top $50bn. He adds that some super funds may struggle to cope with a big increase in withdrawals, but stresses that it will not be an issue for AustralianSuper. Silk also warns that a surge in withdrawals will affect the super industry’s capacity to invest in and recapitalise businesses when the crisis abates.
AUSTRALIANSUPER PTY LTD
Original article by Ben Butler
The Guardian – Page: Online : 31-Mar-20
The federal government has predicted that as much as $27 billion could be withdrawn from super funds under rules allowing people who lose their jobs as a result of COVID-19 to withdraw up to $20,000, but some funds suggest that it could be as much as $60 billion. The Reserve Bank is understood to be working out how it might set up a government-backed facility to assist funds to pay withdrawals, although Treasurer Josh Frydenberg has thus far rejected the idea. The government’s decision to introduce a wage subsidy to keep people in work could mean the level of withdrawals may not be as great as previously forecast.
RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY
Original article by David Marin-Guzman
The Australian Financial Review – Page: 6 : 7-Feb-20
The union movement is urging Labor to vote against proposed legislation that would ban enterprise agreements from stating that workers must join a union-backed superannuation fund. Labor senator Tony Sheldon recently warned the party’s caucus against voting for the bill, while ACTU assistant secretary Scott Connolly says the proposed legislation would have a major impact on industry funds such as UniSuper.
AUSTRALIAN LABOR PARTY, ACTU, UNISUPER LIMITED
Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 22-Nov-19
Labor leader Anthony Albanese will emphasise the need to prioritise increased productivity in a speech on 22 November. He will identify microeconomic reform, fiscal management, infrastructure, and investment in people through skills and training as the key policy initiatives to lift productivity. He will also argue that the legislated increase in the superannuation guarantee must proceed, as it will encourage super funds to invest in productivity-boosting infrastructure.
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET