The April 2 budget will provide about A$600 million to pursue wrongdoers and help restore trust in Australia’s financial system.
Set out below are all SuperGuide articles that relate to Government reviews of superannuation.
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 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.
A key recommendation in the new Productivity Commission report, the idea of employees being given a ‘best in show’ list for the top 10 performing super funds has been met with a hostile response from the super industry.
The 700+ pages in the Productivity Commission’s report on superannuation hold a treasure trove of insights for policy makers, regulators and super funds. We can only hope everyone takes note and makes improvements that flow through for all Australians.
The Productivity Commission final report on superannuation is a weighty tome covering the diverse aspects that make up the world of super. We’ve extracted the key issues and findings for the SuperGuide readers that would like to dive deep.
Australia’s current super system is “harming millions of members” through underperforming funds, multiple accounts and excessive fees.
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.