SMSFs’ net assets have grown as fast or even faster than Large Super over recent years; and their investment returns have been vastly better. There is a simple explanation for this — and it’s one that you can be sure Treasurer Chalmers is all over.
Relax, stop worrying; you’re well-off. Australian household wealth per person is now $623,000, putting us right up there with the richest in the world. Not all may feel it, however.
The government’s line on its proposed changes to advice in super is incongruous with the actual changes. You can’t re-do the language embedded in the SIS Act while denying that anything will be different.
KPMG’s latest Super Insights report shows the future shape that the industry might take, with distinct cohorts of funds now emerging across size and service. But there’s little positive sentiment to be found about funds online.
The new $3 million superannuation cap is a reminder that the system will never stand still, and diversification options like investment bonds will always be highly valued.
A joint review conducted by ASIC and APRA was scathing of funds’ collective attempts to meet their new legal obligation to help fund members plan for retirement, and urged them to “address, with urgency, the gaps in their approach”.
Breaking superannuation into three different funding models may not be the right answer, but at least it cuts through the fallacy at the heart of our superannuation ideal. Former Lazard Asia-Pacific CEO Rob Prugue writes for The Inside Adviser.
The proposal seeks to preserve this definition of what a superannuation complaint is, but “clarifies the policy intent that other types of superannuation-related complaints may also be under the AFCA scheme”.
Working Australians aren’t getting real when it comes to plausible retirement ages and income levels, according to data from Vanguard, with a new report suggesting expectations get closer to reality as retirement draws near.
Australians across the board are less satisfied with their superannuation funds than they were a year ago, a new report from Roy Morgan showed, with share market volatility and industry consolidation acting as major drivers of the decline.
Speaking at the SMSF Association’s National Conference, the assistant treasurer called out “modern-day Edmund Hillarys” seeking to raid Australia’s “Mount Everest of superannuation” as he pressed the need for an objective for super that prioritises preservation.
Australians should be putting more money into superannuation and diversifying out of property, some say, even as super performance remains a question mark.
