Bill Shorten

Investment Strategy

First MySuper licences issued

The first of the MySuper licences have been authorised by the Australian Prudential Regulation Authority (APRA), enabling licencees to offer their products from July 1, 2013. Sunsuper was the first superannuation fund in Australia to receive its licence for Sunsuper for Life, Lifecycle Investment Strategy;  Cbus announced its authorisation for Growth (Cbus My Super) shortly […]
Investment Strategy

Industry decries opposition on LICS

Former Australian Institute of Superannuation Trustees chief executive and long-time superannuation advocate, Fiona Reynolds, has criticised the recent outcry over the Labor government’s proposal to increase tax on superannuation earnings for higher income earners. The proposal has led to fierce debate in Parliament and industry, with Labor being accused of “class warfare” in the House […]
Policy and Regulation

Abbott clarifies super stance

The federal opposition leader, Tony Abbott, has confirmed his commitment to increase the superannuation guarantee from 9 to 12 per cent in correspondence with Investment Magazine Online. The support of the increase comes in the wake of ambiguity about the opposition’s stance on the matter fuelled by the press department of Minister for Financial Services and […]
Policy and Regulation

Super tax slug hits wealthy Australians: Tria

Australians earning high incomes, who have large balances in collective superannuation funds, will have less confidence in the system following tax changes in the federal budget even in the context of recent laws boosting workers’ mandated rate of savings, according to Tria Investment Partners. Superannuation’s viability has declined on a “slippery slope” under federal Labor […]
Investment Strategy

Shorten, FSC spar over budget

Australia’s budget was a disappointment for asset managers, according to the Financial Services Council (FSC). The government disagrees, saying its policies have improved fairness, sustainability and efficiency in superannuation. Asset managers, like many who run companies, expected a tax cut in the budget, says Martin Codina, director of policy at the FSC. The lack of […]
Investment Strategy

Government considers tax relief for fund mergers

The Australian government is considering whether to provide tax relief to superannuation funds that want to merge but have suffered investment losses they don’t want members to shoulder after a merger. “The government is considering requests from funds for further merger relief,” says the office of Bill Shorten, the Minister for Financial Services and Superannuation, […]
Investment Strategy

Bill Shorten to chair superannuation roundtable

Bill Shorten will preside over a superannuation roundtable that will meet next month to try and ensure that Australians have enough money to retire. There will be 17 people who will meet on February 16 or 17 for the first of as many as five meetings, says Pauline Vamos, chief executive of the Association of […]
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