The Australian Institute of Superannuation Trustees has found fresh ammunition for its call to raise the compulsory super contribution to 12 per cent by 2012.
A Newspoll survey commissioned by AIST has found that three quarters of Australians would support raising the super guarantee to 12 per cent, even if they had to partly contribute to it themselves. AIST has long been vocal that the 9 per cent super guarantee is not enough for a comfortable retirement. It has advocated raising super contributions through soft compulsion to 12 per cent by 2012 and 15 per cent by 2015. Fiona Reynolds, chief executive of AIST, said “it appears that the majority of Australians would welcome an increase in compulsory super over the medium term, and they are at least willing to partly fund this increase out of their own pocket”. Reynolds said that the survey results added weight to AIST’s call for a bi-partisan national retirement savings plan.
1 April 2008 00:00
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Investments
Ian Patrick, chief investment officer of the $370 billion Australian Retirement Trust, says that integrated balance sheet management will “beyond a shadow of a doubt” become a more prominent feature in the superannuation industry as funds grapple with the compounding effects of their growing size, systemic importance and the liquidity needs of servicing a larger cohort of retirees.
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