New superannuation laws are expected to eliminate underperforming, fee gouging super funds with the introduction of automatic consolidation of inactive accounts and a fee cap for accounts with balances under $6000. Two superannuation bills were passed in the Senate last week and have sparked a reaction from Industry Super Australia and the Institute of Public […]
Comments made by the incoming chair of Australian Securities and Investment Commission (ASIC) indicating financial institutions have forgotten whose money they are investing should prompt Federal Government to rethink its super fund governance reforms, argues the Industry Super Australia (ISA). This week, Financial Services Minister Kelly O’Dwyer recommended that James Shipton, a former Goldman Sachs […]
Financial Services Minister Kelly O’Dwyer has pushed through reforms to overhaul the governance of Australia’s $2.3 trillion superannuation system, sparking anger from Industry Super Australia. The new legislation was introduced on Thursday in a bid to “deliver a strong and modern superannuation system that is solely focused on delivering outcomes for all Australians who rely […]
The top 1 per cent of Australia’s high incomes couples set for retirement in 2055 will be receiving over $5 million in government assistance, according to estimates revealed by Industry Super Australia (ISA).
In its submission to the Tax Review, Industry Super Australia has forecast that close to 50 per cent of Aussies retiring from now to 2055 will not have the income necessary for a comfortable retirement.
Industry Super Australia is calling for banks to be penalised for offering business banking deals aiming to see employers switch their employees’ superannuation contribution to bank-owned funds.
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