Category Archives: Superannuation

Australian federal election 2022 live: Albanese calls Coalition housing scheme ‘an attack on future generations’; AEC finds signs in breach

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Anthony Albanese labels Coalition housing scheme ‘an attack on future savings’; AEC says Advance Australia ‘Greens’ signs in breach of electoral act; home price increases will be ‘marginal’ under new plan, Scott Morrison says; PM says Labor was informed about Aukus when they ‘needed to be’; NSW records four Covid deaths. Follow all the day’s news live

Labor campaign spokesperson Jason Clare has a new line.

He told ABC TV:

The next week is really important. Australians have a big choice to make this weekend. It is a choice between a better future under Labor and more Scott Morrison.

As Australians think about this, they would be thinking “Do you want to wake up on Sunday morning and roll over and see Scott Morrison?”

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Coalition minister concedes plan to allow first homebuyers to access super will push up house prices

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Allowing access to up to $50,000 of retirement savings ‘like throwing petrol on a bonfire’, industry super group warns

The Coalition has conceded its plan to allow first homebuyers access to superannuation will push up prices, as industry super and progressive thinktanks warned it could add tens of thousands to the cost of a home.

The policy, unveiled at the Coalition launch on Sunday, to allow first homebuyers access to up to $50,000 of retirement savings has prompted warnings that house prices in Sydney could increase by as much as $134,000.

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Scott Morrison uses Liberal party campaign launch to set up housing battle with Labor

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PM announces spending boosts and ‘game changer’ for first-home buyers ahead of final election campaign week, as he urges voters to stick with government at polls

Scott Morrison has promised Australians a “new era of opportunity” if re-elected, while pitching a fight with Labor over a centrepiece housing policy to allow first home-buyers to tap into their superannuation savings.

Setting up a contrast with Labor for the final week of the election campaign, the prime minister used the Liberal party’s official campaign launch to promise a new super home buyer scheme that would allow people to access up to $50,000 of superannuation savings for the purchase of a first home.

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Josh Frydenberg’s office intervened in superannuation consultation paper, FOI documents reveal

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Treasury department emails show discussion was had about linking proxy advisers with compulsory super

Josh Frydenberg’s office intervened in the drafting of a consultation paper to make sure it linked proxy advisers to the issue of compulsory superannuation, a key battleground in the political war over retirement savings, internal Treasury documents show.

The documents, released to Guardian Australia under freedom of information laws, also reveal the paper was developed in just one week.

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Coronavirus Australia live update: no further Covid restrictions in Victoria but next 24 hours ‘critical’ as Melbourne cluster grows to 15 cases

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Hundreds urged to get tested after positive cases went to a Collingwood game at the MCG, a salon in Bendigo and more cafes in Melbourne inner-city suburbs

Meanwhile

Water minister Keith Pitt has introduced legislation to establish the office of the Inspector-General of water compliance.

(Its the job he gave to Troy Grant, and a lot like the job David Littleproud gave to Mick Keelty sans powers).

This is well worth a read

Related: Snowy Hydro chief executive tells inquiry he’s known owner of NSW gas plant site for 40 years

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Liberal MPs say super guarantee rise could be used to pay for aged care

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An increase from 10 to 12% could fund royal commission recommendations without an income tax levy, Jason Falinski and Katie Allen say

Liberal MPs have proposed setting aside the increase in the super guarantee from 10 to 12% to fund healthcare in later life and aged care, as a means to pay for royal commission recommendations without an income tax levy.

Jason Falinski and Katie Allen called for consideration of the idea in comments to Guardian Australia after Scott Morrison described the minimum estimated $10bn a year of funding required to improve aged care as a “challenge to all of us” the government hoped to solve in the budget.

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Bet your house on it: three things to know from Australia’s retirement income review

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The Coalition is likely to scrap any further increases to the compulsory superannuation contribution

It’s more than 600 pages and doesn’t make any recommendations. Yet, the retirement income review will inform future government policy decisions, provide cover for the government to ditch the superannuation guarantee increase and sets out what retirement could look like for today’s workforce. So what do you need to know?

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Coalition paves way for scrapping planned rise in superannuation guarantee

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Retirement income review to emphasise Australians using ‘voluntary savings’, saying a lift in compulsory super rate would hurt wages growth

The Morrison government is laying the groundwork to scrap the already legislated increase to the superannuation guarantee, declaring the retirement income review has found current policy settings are suitable.

A summation of the retirement income review distributed by treasurer Josh Frydenberg’s office ahead of the report’s official release on Friday put greater emphasis on Australians using “voluntary savings”, including equity within their homes, ahead of raising compulsory superannuation contributions.

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Australian budget reaction updates: Coalition punts on business for Covid recovery – politics live

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Josh Frydenberg’s budget relies on tax cuts and business incentives, but rests on some optimistic assumptions. Follow all the reaction and coronavirus news

Meanwhile, once upon a time

I know it is a bit much for her to be morally consistent but. https://t.co/jKpD1iHTu7 https://t.co/UmUUfDSMfe pic.twitter.com/U7WUbxPPXP

High from being retweeted and quoted by Donald Trump, who proved he had learned more about the seriousness of Covid by forcing public employees to drive him around in a sealed vehicle, and then removing his mask for a photo op, Miranda Devine continues to do Australia proud, making even a Fox News host raise an eyebrow

"It's incredibly selfish of older people or neurotic people who are timid & afraid & won't come out of their basements to confine children & young people to miss out on the most important part of their lives" - Fox News is now straight up blaming old & vulnerable people for Covid pic.twitter.com/mLhiwDHmrN

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Superannuation calculator: how would scrapping the planned increase affect you?

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The government is considering ditching the superannuation increase from 9.5% to 12% by 2025. Find out what that would mean for your retirement

The Morrison government’s looming decision on whether to proceed with promised increases in superannuation contributions could have a big effect on the amount of money saved for your retirement.

The superannuation guarantee contribution is legislated to increase from its current rate of 9.5% of income to 12% by 2025 – and the Coalition promised at the last election to stick with that schedule, but is now rethinking it amid the Covid-19 crisis.

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Young people who withdraw super may be $100,000 worse off in retirement, Labor says

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Opposition steps up attacks on coronavirus support measure that allows people in financial distress to withdraw up to $20,000

Young people will bear the brunt of the Covid-19 economic crisis, Labor has said, as it estimates a 25-year-old who withdraws $20,000 from superannuation may be left up to $100,000 worse off in retirement.

The opposition is stepping up its attack on the government’s handling of the early access to superannuation scheme, which allows people dealing with the adverse economic effects of Covid-19 to withdraw up to $10,000 this financial year. People were also able to access up to $10,000 last financial year.

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Australia is easing superannuation access for those worst-hit by coronavirus. But can we afford it?

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Tax-free withdrawals will be capped at $10,000 this financial year and will allow those struggling to pay rent, meet mortgage repayments and buy food

• What Australia’s $189bn coronavirus economic rescue package means for you
• Follow our Australia coronavirus live blog
• Follow our global coronavirus live blog

Australians who are laid off as a result of the coronavirus outbreak will be allowed to pull money out of their superannuation, Scott Morrison announced on Sunday.

Withdrawals will be capped at $10,000 this financial year, and a further $10,000 next financial year, and will be tax-free, the prime minister and his treasurer, Josh Frydenberg, said.

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Jacqui Lambie wants deal on union-busting bill ‘as soon as possible’

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Crossbencher ‘hopes to think’ she is close to a deal with government on union penalty bill unexpectedly defeated last year

Senator Jacqui Lambie is looking to strike a deal with the government “as soon as possible” on the union penalty bill, while Labor struggles to contain a debate in its own ranks about union-backed superannuation funds.

Lambie is meeting the industrial relations minister, Christian Porter, on Tuesday to continue negotiations on the bill, which would lower the threshold for the deregistration of unions and disqualification of their officials.

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Food delivery bike couriers in Australia being underpaid by up to $322 a week

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Exclusive: Survey reveals almost all are paid per delivery and a quarter of riders have been in an accident

Food delivery bike couriers are being underpaid by up to $322 a week compared with minimum rates of pay and superannuation in the transport award, according to new union statistics.

The Young Workers Centre – an initiative of the Victoria Trades Hall Council – conducted a survey of more than 240 riders, revealing most are engaged on a “take-it-or-leave-it” basis and almost all are paid per delivery, with no minimum rates of pay.

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Labor grills Angus Taylor over company interests – politics live

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Energy minister accuses opposition of ‘grubby smear campaign against my family’ and ALP pursues Coalition over its superannuation schism. All the day’s events, live

With the chambers all quiet and the rush to the airport in full swing, we are going to go collapse in a heap and stare at a wall.

Until Monday, when the parliament is back for the last sitting ahead of the winter break.

Here’s how Mike Bowers saw some of the day

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Super funds and investors with $34tn urge leaders to speed up climate action

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Fund managers call on world leaders to bring in carbon pricing and phase out coal power ahead of G20

Superannuation funds and investors representing US$34tn in assets – nearly half of the total under management across the globe – have called on world leaders to bring in carbon pricing and phase out coal power to limit global heating to 1.5C.

Released ahead of a G20 leaders meeting in Osaka, Japan, the statement by 477 institutional investors urges world leaders to accelerate their response to the climate crisis to ensure the goals of the 2015 Paris climate deal can be met.

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