Super lobby ups ante against âregulatory kill-switchâ
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The governmentâs backflip on the superannuation performance test got a tick of approval by the sector, but lobby groups are pushing for a controversial measure that allows for ministerial influence over investment decisions to be axed.
The government revealed on Wednesday an updated approach it would use to benchmark the performance of superannuation funds, acknowledging that a prior method could have discouraged funds from investing in unlisted infrastructure and property.
The Australian Financial Review on Monday, the government has also done an about-face on the inclusion of administration fees as well as investment fees in the performance test, having conceded that dodgy trustees could game the system.
Superannuation reforms hand too much power to politicians, industry says
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Australian women are being urged to tip more of their savings into super to get a $500 top-up from the government so they aren t poor at retirement.
Women continue to have much less saved up than men, with the Workplace Gender Equality Agency putting the super gender gap at 21.6 per cent by the time they are in their sixties.
Across all age groups, women last year had average superannuation balances of $131,500, a figure that was 30 per cent or $39,100 less than the equivalent retirement savings of $170,600 for men.
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Australian women are being urged to tip more of their savings into super to get a $500 top-up from the government so they aren t poor at retirement. Women continue to have much less saved up than men, with the Workplace Gender Equality Agency putting the super gender gap at 21.6 per cent by the time they are in their sixties
Women s economic prosperity has vaulted forward post-COVID16/04/2021|4min
Superannuation Minister Jane Hume says she is very excited to take on women’s economic security as an additional portfolio – highlighting women’s role in the Australian workforce has come back stronger in the nation’s COVID recovery.
“Watch this space, there’s more to come,” she told Sky News.
“Women were disproportionately affected by the COVID-19 economic crisis but the good news is as the economy has come back women’s economic prosperity has actually vaulted forward.
“We’ve seen the highest participation rate of women in the workforce than ever before, around 61.8 per cent so this is all really good news.
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