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The Super Members Council (SMC) has warned that encouraging young Australians to use their superannuation for a house deposit could dramatically drive-up house prices and deplete their retirement savings.
The Association of Superannuation Funds of Australia (ASFA) said it is “disappointed” to see Australia’s world-class superannuation system used as a political football in the upcoming federal election.
Chairman Joe Longo says corporate regulator will focus on financial services, crypto, superannuation and target firms operating in grey areas of the law.
Andrew Bragg, a Liberal Party senator, is calling for Australians to be allowed to divert their superannuation into the bank offset account so they can deal with rising mortgage rates.
If all the 1,851 complaints of losses made to AFCA about Dixon Advisory were paid out, it would total $357 million, the organisation said, but it is yet to issue any formal determinations.