Australians took more than $1.4bn from their super last year for everything from weight loss to dental work

Watchdog says some business and practitioners are taking advantage of the compassionate release of superannuation process

Australians withdrew more than $1.4bn from their superannuation accounts for compassionate reasons in the last financial year, with much of that used to fund medical procedures ranging from dental work to weight loss treatments.

Of the 112,400 applications in 2024-25 for compassionate super access, 93,500 were made on medical grounds, up from 71,900 the year prior. There was a particularly sharp rise in applications to use superannuation to fund dental services, with the number doubling in two years to 32,875 requests.

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Superannuation tax changes: new rules have been proposed for your super – here’s what you need to know

Major changes announced by Jim Chalmers include indexing superannuation balances to inflation and addition of a new threshold taxing balances between $3m and $10m

The Albanese government has dramatically rewritten its major tax policy, caving in to criticism on its controversial superannuation tax plan by raising thresholds and slashing the amount of money it will rake in.

After a long period of sustained attack from politicians and lobby groups, the government has conceded defeat on all major criticisms, with the treasurer, Jim Chalmers, saying the policy rewrites would “better target superannuation concessions”.

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Retirees ‘deserve’ super tax breaks, treasurer says, as government considers how to give younger Australians ‘fair go’

No plan to alter concessional measures on retirees’ superannuation as part of tax reforms, Jim Chalmers says

Retirees still deserve concessional treatment on their superannuation, the treasurer says, despite mounting calls for an overhaul of the tax system.

Jim Chalmers said fairness for younger generations needed to be considered as part of any change to taxes, after talks at the three-day productivity roundtable in Canberra.

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Australians can look forward to a bigger nest egg as super guarantee rises to 12%

The last in a series of increases to employers’ minimum contribution from 9% over more than a decade will come into effect on 1 July

Australian workers can look forward to a bigger nest egg, with an increase to the superannuation guarantee to add tens of thousands of dollars to the average super account.

From 1 July, employers’ minimum required contribution to employees’ superannuation accounts will rise from 11.5% to 12%.

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Dutton says Labor’s super plan is a ‘quasi inheritance tax’. What’s going on?

Many countries impose a form of inheritance tax on deceased estates, but does Albanese’s policy fit the bill?

Peter Dutton has described Labor’s plan to reduce tax breaks on superannuation balances larger than $3m as a “quasi inheritance tax”.

The description was made days out from polling day, as the major parties tore apart their opponent’s policies in a last-ditch effort to win votes.

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$500,000 stolen in Australian super fund data breach

Super industry’s peak body says majority of hacking attempts stopped but money lost by a small number of customers

Hackers have targeted Australian superannuation funds this week, with a small number of customers losing a combined half a million dollars, and compromising some members’ data, the industry’s peak body says.

The Association of Superannuation Funds of Australia (ASFA) said in a statement on Friday that hackers attempted to breach the cyber defences of a number of superannuation funds last weekend. While the majority of attempts were stopped, several companies were affected, it said.

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Super fund took more than 500 days to approve death benefit for grieving widow, Asic says

Landmark report makes 34 recommendations to overhaul the superannuation sector, citing delays, poor customer service and ineffective procedures

An unnamed superannuation fund took more than 500 days to approve a death benefit payment to an Indigenous woman grieving the loss of her husband and ignored her concerns about financial hardship and a confusing claims process.

The “distressing” case has been highlighted by the financial regulator as one of many “poor industry practices” by funds that have had “devastating impacts” on members experiencing “deep grief, vulnerability, frustration and genuine suffering”.

A “landmark” report released by the Australian Securities and Investments Commission (Asic) on Monday has made 34 recommendations to overhaul the superannuation sector. The report investigated the conduct of 10 trustees, which are responsible for 38% of all member benefits in Australia.

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‘Trusted capital from your long-term ally’: Australian super’s US trip to bolster efforts to avoid Trump’s steel tariffs

Super Members Council says summit may sway US president on tariffs on Australian industry after seeing scale of investment in US

Australia’s $2.8tn superannuation industry will bolster the Albanese government’s bid to secure an exemption from the Trump administration’s 25% tariffs on steel and aluminium imports this week.

A delegation of Australia’s largest funds will meet with US government officials from Monday, as part of a four-day summit designed to improve awareness of the industry’s long-term contributions to the US economy and its plans to more than double investment.

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Retirees who rent ‘really struggling’ financially, researchers say – and the problem is getting worse

Two-thirds of retirees in private rentals live in poverty, Grattan report finds, with more than half reporting net worth of less than $25,000

Two in three retirees who rent privately owned homes live in poverty and the problem will get worse, a new report has found.

Most older working Australians who rent do not have sufficient savings to keep paying rent in their retirement, according to the report from the Grattan Institute.

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Thousands complain over way super funds handle and pay out death and disability claims

Data from the financial watchdog strongly supports Asic’s claim ‘there is a systemic issue’ across the superannuation sector, advocate says

More than 5,000 people have lodged complaints with a financial watchdog about how the 10 largest superannuation funds have handled death and group insurance claims over four years.

Complaints to the Australian Financial Complaints Authority (Afca) about the entitlements – a lump sum provided to a member’s family when they die – have increased each year since 2020/21. They rose from 921 to 1,048, then 1,459 and 1,611.

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Employers shortchanged Australian workers a record amount of super last year, tax office says

The dollar figure of superannuation that went unpaid after recovery efforts rose to $5.2bn from $4.8bn in 2022-23

Australian workers missed out on a record $5.2bn of superannuation that employers failed to pay last financial year, according to the Australian Taxation Office.

The ATO has released the data on the superannuation “gap” in its annual report, which also reveals that $1.4bn is likely to go unpaid because it is owed by insolvent companies.

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CFMEU administrator moves for ‘clean sweep’ of union super fund directors at Cbus

Exclusive: Former national construction union secretary digs in, while ETU suspends Labor and ACTU contributions in protest of ‘trial by parliament’

The administrator of the construction union wants a “clean sweep” of union-appointed board directors on the Cbus industry super fund, prompting two resignations and a plan to sack another former union official.

On Wednesday a spokesperson for the Construction Forestry Maritime Employees Union confirmed Rita Mallia, who was sacked from her New South Wales construction president role on Friday, and former ACT secretary, Jason O’Mara, had resigned as member directors of the fund, which is one of Australia’s largest, with $94bn under management.

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Super to be paid on parental leave as Labor seeks to close gender gap

From July 2025, 180,000 families expected to benefit from 12% superannuation paid to parents using paid parental leave

New mothers and fathers are set to have their superannuation topped up by the federal government when they are taking time off to care for their newborn.

Laws paying superannuation on top of government-funded paid parental leave have been introduced to federal parliament in an attempt to lower the gender gap for retirement savings.

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Online ads promote ‘simple’ access to super to pay for healthcare, despite strict rules

Peak consumer body and financial services minister warn against private providers encouraging patients to tap into super to fund medical procedures

Advertisements offering patients “simple” access to their superannuation to pay for medical treatments have been described by the peak consumer health body as a “worrying trend” amid the cost-of-living crisis.

The Australian Taxation Office (ATO) approved 37,400 individuals to access their superannuation early on compassionate medical grounds in 2022-23, releasing a total of $730m.

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Labor pledges 12% superannuation on publicly funded paid parental leave

Plan designed to help close retirement savings gap between women and men is expected to cost $250m a year from July 2025

Parents will receive 12% superannuation – or about $106 a week – on their publicly funded paid parental leave from July 2025, under a major initiative to be announced by the Albanese government.

The decision, expected to cost at least $250m a year to the federal budget, responds to calls from the Women’s Economic Equality Taskforce, unions and the crossbench to pay super on PPL as a way to help close the retirement savings gap between women and men.

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New Zealand to be briefed on Aukus – as it happened

This blog is now closed.

The prime minister, Anthony Albanese, is speaking to ABC RN, and says news that the inflation rate has plunged to a two-year low of 4.1% is “welcoming, encouraging progress”.

… We know that people are still under pressure and we need to not be complacent about it. We need to continue to work as we have with our three point plan, having the surplus, making sure we deal with cost of living pressures without putting pressure on inflation, and dealing with … supply-chain issues as well.

With parliament resuming next week, this is a wake-up call that 2024 is the last chance for meaningful democratic reform ahead of the 2025 election …

Australians should go to the next election with strict political donation disclosure laws, truth in political advertising laws in force and information about who’s meeting ministers made public as a matter of course.

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Jim Chalmers open to clean energy investment reforms pushed by super funds

Treasurer says government ‘committed to consider’ proposals, including concessional finance to bankroll new transmission infrastructure

Jim Chalmers has signalled the Albanese government is open to considering sweeping reforms being championed by industry superannuation funds to unlock billions in private capital to fund Australia’s clean energy transition.

After meeting on Tuesday with banks, venture capital firms, super funds and investor groups in Canberra, the treasurer told journalists he had committed to consider specific measures proposed by AustralianSuper, cbus, HostPlus, CareSuper, Hesta, UniSuper and the behemoth Australian fund IFM Investors.

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Dutton urges PM to put preventive detention on national cabinet agenda – as it happened

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Assistant climate change minister asked whether Australia ‘can be taken seriously’ without fossil fuel phase-out promise

The assistant minister for climate change and energy, Jenny McAllister, was also making the rounds this morning amid the Cop28 summit.

We, of course, are working towards transforming our national electricity system to incorporate 82% renewables by 2030. This is a really ambitious transformation, but one that we believe will lay the foundations for a cleaner and more affordable energy system for Australians.

If you think about what it means to take our energy system from 33% renewables to 82%, that does mean that our fossil fuel use within our own energy system at home is changing very dramatically over the course of a decade.

We know that globally, we need to see similar changes and similar investments in the new technologies to drive low emissions power, not just here in Australia, but actually, right across the world.

… or any electorate around the country where it is proven to be technologically feasible, has a social licence and it is going to get prices down.

We have to be humble enough at these conferences at Cop to say what are other countries doing? What peer countries are doing is they are saying we are looking at nuclear energy as part of the balanced mix.

We must in Australia be driven not by ideology, but by economics and engineering and learn from those countries and that includes consideration for zero emissions nuclear energy, and people may be arguing all they like, but we will be very open and transparent as we always have been.

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Industry super funds warn slow transition to net zero puts Australia at risk of losing ‘attractive’ investments

A new report argues that $12bn a year on average between now and 2050 will be required to transition to renewable energy

Industry super funds have warned the Albanese government that Australia’s energy transition risks falling behind as big funds chase more compelling investment opportunities in the US, UK and Europe.

AustralianSuper, cbus, HostPlus, CareSuper, HESTA and UniSuper have co-authored a new report with Australian fund IFM Investors calling for more favourable investment conditions underwritten by taxpayers to unlock private capital for the domestic transition to net zero emissions.

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David Pocock joins Greens in push to criminalise non-payment of super

Government’s closing loopholes bill yet to include superannuation theft, estimated to cost workers $5bn a year

The independent senator David Pocock has joined a push by the Greens and unions to criminalise the intentional non-payment of superannuation, after the measure was omitted from Labor’s industrial relations bill.

The Albanese government’s legislation has proposed to criminalise wage theft but not super theft, which is estimated to cost workers up to $5bn a year, and Pocock said if the government is “serious about closing loopholes then the intentional non-payment of super should also be criminalised”.

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