My verdict on the government’s new YourSuper comparison tool
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July 10, 2021 9.00pm
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It didn’t get much fanfare when it launched on July 1, but a new online tool is set to rock Australia’s $3 trillion superannuation industry to its very core.
It’s called scrutiny, folks. And Australia’s super sector has been sorely missing it.
The federal government’s new ‘YourSuper’ comparison tool launched on July 1.
Credit:Dionne Gain
For nearly three-decades, Australians have been left almost powerless to make informed judgements on whether the people trusted to manage their retirement nest eggs are doing a good job or not.
My verdict on the government s new YourSuper comparison tool smh.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from smh.com.au Daily Mail and Mail on Sunday newspapers.
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.