9%
9.25%
9.5%
10%
10.5%
11%
11.5%
12%
This delay has had a knock-on-effect. According to 2017-18 data from the Australian Bureau of Statistics, the median super balance for people approaching retirement (aged 55-64) was $118,600 for women and $183,000 for men.
That falls short of the ASFA retirement standard, which sets out how much people should have in super for a comfortable retirement.
Raising the SG is intended to help close that gap, and make sure Australians are able to fund a comfortable retirement.
Short term income vs long term benefits
When it comes to superannuation, the conversation tends to hinge on one key question – what are we willing to sacrifice in the short term for future benefits?
The federal budget’s allocation of A$2.3 billion in mental health and suicide prevention funding will be welcome news for the mental health services sector and for people who have struggled to find adequate support.
The recent Productivity Commission and Victorian Royal Commission reports into mental health have emphasised the major effect of mental ill health on Australian society, as well as the public’s concerns about the inadequacies of existing service provision.
The big expenditure items announced in the budget for mental health largely involve increasing treatment services, including:
A$487 million to establish a national network of adult mental health centres
Australian, NZ Dollars Weaken On U.S. Inflation Worries
CANBERA (dpa-AFX) - The Australian and NZ dollars fell against their major counterparts in the Asian session on Wednesday, as risk sentiment dampened on concerns about acceleration in inflation and possible monetary policy tightening by the U.S. Federal Reserve.
The U.S. CPI report due later in the day is forecast to show prices continued to spike in April.
The U.S. 10-year Treasury yield jumped to more than a one-week high amid inflation worries.
Fed policymakers reiterated that it s too early to discuss pulling back monetary support and price pressures could be transitory.
The federal budgetâs allocation of A$2.3 billion in mental health and suicide prevention funding will be welcome news for the mental health services sector and for people who have struggled to find adequate support.
The recent Productivity Commission and Victorian Royal Commission reports into mental health have emphasised the major effect of mental ill health on Australian society, as well as the publicâs concerns about the inadequacies of existing service provision.
The big expenditure items announced in the budget for mental health largely involve increasing treatment services, including:
A$487 million to establish a national network of adult mental health centres
The federal government plans to ramp up immigration once Australia s borders reopen, Budget papers have revealed.
Treasury argued population growth needed to be turbocharged again to boost economic activity over the longer-term and save the apartment building sector.
Before the pandemic, Australia had an annual population growth pace of 1.5 per cent - among the highest in the developed world - despite repeated polls showing most Australians are in favour of reducing immigration.
Sydney and Melbourne were absorbing the bulk of new arrivals - with each city adding 100,000 new residents a year despite already being home to more than 5million people.