Category: Superannuation News
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Labor’s Super Tax Plan Gains Expert Support for System Reform
Experts have expressed support for Labor’s super tax plan, emphasizing the importance of needed reforms in the superannuation system. The proposal aims to trim tax breaks for the wealthiest 0.5% of savers, affecting about 80,000 Australians with super balances over $3 million. While the plan has faced intense criticism, leading experts argue that it is…
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Superannuation in Australia Surges with $4.2 Trillion Investments
Superannuation in Australia has grown significantly, with the country now holding the fifth-largest pool of retirement savings globally. As of December 2024, the total investment in super reached $4.2 trillion, marking an 11.5% increase in just a year. This growth is attributed to rising compulsory employer contributions and a surge in wages. The two largest…
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Debate Erupts Over Labor’s Superannuation Policy in Australian Election
In the final days of the Australian election campaign in 2025, tensions escalated as Peter Dutton criticized Labor’s superannuation policy, labeling it a “quasi inheritance tax” as part of the party’s alleged socialist agenda. Dutton’s remarks sparked a heated debate as both major parties fiercely defended their policies to sway voters. Retirement Savings Policy: Past,…
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Government Unveils Retirement Reform Plan for Enhanced Financial Security
Treasurer Jim Chalmers has introduced a comprehensive plan to reform the retirement phase of superannuation, aiming to provide retirees with greater peace of mind and support during their transition into retirement. The plan includes legislative changes allowing funds to offer new retirement product features, such as money-back guarantees and installment purchases, to enhance financial security…
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Grattan Institute Proposes Government-Backed Annuity Scheme for Retirees
A report by the Grattan Institute highlights the need for government intervention to assist Australians in effectively utilizing their superannuation savings during retirement. The institute suggests the implementation of a government-backed annuity scheme to ensure retirees do not solely rely on their superannuation as an inheritance fund. Retirement Income for Life: Solving the longevity equation…
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Labor Stands Firm on Super Tax Plan Amid Coalition Criticism
Despite calls for a rethink from Independent MP Allegra Spender, Treasurer Jim Chalmers has affirmed Labor’s commitment to implementing the delayed changes to tax treatment for superannuation accounts exceeding $3 million. Chalmers emphasized the modest nature of the proposed tax adjustments, which would impact retirement balances above the specified threshold. How to Have an Epic…
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Amanda Rishworth Appointed Minister for Employment: Promoting Inclusivity
The Hon Amanda Rishworth MP has been appointed as the new Minister for Employment and Workplace Relations, expressing gratitude to the Prime Minister for the opportunity to serve in the Albanese Labor Cabinet. Rishworth highlighted the significant contributions of her predecessors, Ministers Burke and Watt, in the first term of the Government. Careless State: Reforming…
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Analysis Forecasts Young Australians Could Retire with $3 Million in Superannuation
Recent modelling suggests that young Australians could potentially retire with a substantial $3 million in their superannuation accounts, painting a picture of retirement wealth previously unseen. This projection comes in the wake of political developments, with Labor’s victory in the election paving the way for potential changes in superannuation tax policies. HOW TO CREATE A…
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Michael Milken Commits $4 Billion to Revolutionize US Children’s Financial Future
Michael Milken, the billionaire philanthropist and former junk bond king, found inspiration for a new venture during a taxi ride in Australia. The encounter with an Australian cabbie led Milken to pledge a super scheme for children in the United States, committing a substantial sum of $US4 billion towards this initiative. Financial Literacy for Children…