SUPERANNUATION – GOVERNMENT POLICY – AUSTRALIA

Murray shoots down Hockey’s super kite

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Original article by Fleur Anderson, Ruth Liew
The Australian Financial Review – Page: 1 & 10 : 11-Mar-15

Business leaders have expressed reservations about the Australian Government’s proposal for superannuation to be used to finance home ownership. Financial system inquiry chairman David Murray and AMP CEO Craig Meller are among those who oppose the plan due to its potential effects on the nation’s retirement system. Finance Minister Mathias Cormann also spoke out against such a proposal in October 2014

CORPORATES
AMP LIMITED – ASX AMP, AUSTRALIA. DEPT OF FINANCE, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA, MONASH UNIVERSITY, GEM CAPITAL FINANCIAL ADVICE, COMMITTEE FOR ECONOMIC DEVELOPMENT OF AUSTRALIA

Keating: don’t kill super

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Original article by Jacob Greber, Joanna Mather
The Australian Financial Review – Page: 1 & 6 : 10-Mar-15

Former prime minister Paul Keating says it would be irresponsible to allow young Australians to use their superannuation savings to buy their first home. Such a move, in his view, would destroy the superannuation system. Both Prime Minister Tony Abbott and Treasurer Joe Hockey believe that the idea of using super to finance the purchase of one’s first home is worth considering

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA, THE CENTRE FOR INDEPENDENT STUDIES LIMITED, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, AUSTRALIAN COUNCIL OF SOCIAL SERVICE, FAIRFAX MEDIA LIMITED – ASX FXJ

Union funds may lose inside run

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Original article by Sally Patten
The Australian Financial Review – Page: 1 & 6 : 19-Jan-15

The Australian Government aims to enhance competition in the superannuation industry by making changes to the MySuper system. Assistant Treasurer Josh Frydenberg argues that any super fund that offers a MySuper product should take contributions from all employees, regardless of whether they chose their own super fund. He wants to have super funds removed from workplace agreements and require funds to improve their disclosure practices. Frydenberg also proposes to introduce a requirement for more directors of super funds to be independent

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY,{SPAC}AUSTRALIA. FAIR WORK COMMISSION,{SPAC}AUSTRALIAN LABOR PARTY,{SPAC}INDUSTRY SUPER AUSTRALIA PTY LTD,{SPAC}AUSTRALIA. PRODUCTIVITY COMMISSION,{SPAC}COMMONWEALTH BANK OF AUSTRALIA – ASX CBA,{SPAC}ASIAN FINANCIAL FORUM,{SPAC}FINANCIAL SERVICES COUNCIL

Reality of retirement will be ‘worrying’

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Original article by James Eyers
The Australian Financial Review – Page: 19 : 1-Oct-14

AMP CEO Craig Meller has warned of the looming problems in funding retirement for Australia’s ageing population. He said that the retirement outlook for millions of Australians was uncertain. He said that the superannuation guarantee should be increased to 12 per cent as saving 9.5 per cent of earnings is not enough. Meller said that the growing costs of retirement could threaten the country’s prosperity over the next 20 to 30 years

CORPORATES
AMP LIMITED – ASX AMP, AUSTRALIA. DEPT OF THE TREASURY, COMMONWEALTH FINANCIAL PLANNING LIMITED, MACQUARIE GROUP LIMITED – ASX MQG