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Questions reveal money directed to Industry Super Australia

Some of those ISA member funds denied in answers to Wilson that they had directed any money to ISA over the five-year period he specified. The answers have come as the Senate Economics Legislation Committee continues its review of the Your Future, Your Super particularly submissions around the ability of the Minister of the day to veto superannuation fund investments which are deemed to be inappropriate. Submissions to the Senate Committee have expressed concern about how the prohibition on certain payments and investments will impact political advertising, noting that the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry had not recommended such an approach.

Govt needs to stop dragging its feet on super increases

ISA advocacy director, Georgia Brumby said: “It is time we bridged the gender super gap, it’s not right that women retire with balances persistently lower than what they need for an adequate retirement.  “Politicians have a choice they can fight for a super increase and to get super paid on every dollar earnt or turn their back as more women risk retiring into poverty.  “Jane Hume, as both the super minister and the minister for women’s economic security, has an opportunity to show real leadership and re-commit to boosting the super savings of women everywhere.”  ISA said the median super balance for a woman in her early 60s was $146,900 compared to men with $204,200, and both genders had less than the $545,000 recommended for a comfortable retirement.  

How new super changes will grow your nest egg

Money by Anthony Keane Premium Content   Looming changes to superannuation rules are set to enlarge the nest eggs of millions of Australians, prompting a call for savers to beef-up their knowledge. Extra employer payments and increased limits on contributions begin on July 1, and this month s federal budget is likely to provide even more incentives. There has been talk that the May 11 Budget could remove the $450 per month wage threshold for superannuation to be paid, which would benefit workers with part-time jobs. Online investment adviser Stockspot s CEO, Chris Brycki, said there could be other Budget changes to benefit women. It s important for the government to look at ways to start closing the retirement savings gap between men and women, he said.

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