Superannuation is now very much super-sized, with 187 super funds and $2.9 trillion invested. Here we list the 20 largest super funds in Australia so that you can benchmark your own fund.
As we start a new Parliament, we asked some of Australia’s top experts in superannuation and retirement planning what they think the government should be focusing on.
Now that it has done the impossible by winning the election, will the Coalition do the improbable by keeping its pre-election promises to improve the quality of financial advice?
The April 2 budget will provide about A$600 million to pursue wrongdoers and help restore trust in Australia’s financial system. The budget, which will be a launching pad for the election, likely to be announced the following weekend, is set to include another round of tax cuts but it will also contain strong warnings about a deterioration in Australia’s economic outlook.
Financial advisers are supposed to act in the best interests of their clients. That’s not a vain hope or fluffy belief, it’s enshrined in law. But confidence in financial advisers has been rocked lately by a series of financial scandals and instances of serious misconduct unearthed by the Hayne Royal Commission.
A recent CEPAR report examined research which showed a person who is financially literate will plan more and save more, and questioned whether there is a need for older Australians to take and follow financial advice.
The final report from the Royal Commission is likely to result in major change for the superannuation industry – both for super fund members and for trustees and executives managing the large super funds.
Treasurer Josh Frydenberg was glossing over history when he said the final report of the banking royal commission “endorsed many of the themes and individual reforms the government is currently pursuing”.
The Royal Commission’s 9 recommendations for financial advice including ongoing fee arrangements, lack of independence, quality of advice, conflicted remuneration and the professional discipline of financial advisers.
The Royal Commission’s 9 recommendations for super including trustees’ obligations, selling superannuation, nominating default funds and regulation.
Announcing a government inquiry is always big news, but when the Australian Government declared it was establishing a royal commission into Australia’s banks, it really made a splash.