Several superannuation funds that flunked the inaugural Your Future, Your Super test, are also failing Choice members, the latest APRA heatmaps reveal.
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Superannuation sector scrutiny as reforms takes effect
With the ‘Your Future, Your Super’ superannuation reforms having now come into effect the House Economics Committee will hear from key players in the sector at a public hearing via videoconference on Thursday 8 July, to discuss implementation of the reforms.
The hearing forms part of the Committee’s ongoing Review of the Four Major Banks and other Financial Institutions. Appearing will be industry funds, including Australian Super, CBUS, Aware, Prime, Maritime, and TWU Super, as well as the retail funds Fiducian, and Equity Trustees (trustee of Zurich Master Superannuation Fund).
Committee Chair, Mr Tim Wilson MP said ‘Thursday’s hearing is an opportunity to scrutinise the superannuation sector’s response to the government’s “Your Future, Your Super” reforms’, which came into effect on 1 July.
Australians should consider putting their money in their superannuation instead of property as fund balances are now growing faster than house prices.
Analysis by Chant West showed median growth-orientated retirement balances surged by 12.2 per cent since July 1 - something unthinkable only a year ago.
The double-digit growth in just nine months, to the end of March 2021, was even stronger than the 7.7 per cent surge in Sydney s median house price during the past year.
Australia s share market was this week close to reaching a record high, with the benchmark S&P/ASX200 just 1.5 per cent below the all-time peak of 7,197 set in February 2020 shortly before the Covid shutdowns.