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The government has quashed hopes of a
boost to the 9 per cent superannuation guarantee, with Minister for Superannuation
Nick Sherry ruling out any change to the contribution. Speaking at a
post-Budget breakfast held by the Australian Institute
of Superannuation Trustees (AIST), Sherry said: “I do not believe employers should
be paying any more, full stop, unless they want to make additional payments voluntarily.
“The 9 per cent superannuation guarantee I don’t think in any way, shape or
form is going to change in any significant way.”
The funds management industry is in trouble. Of that there is little doubt. Head count among the major managers has been cut by at least 10 per cent, according to a Watson Wyatt report last month. Among hedge fund managers, the head count is down an average 20 per cent. And the worst is yet to come, from the funds managers’ business perspective. 
