Joe Hockey

Opinion

The start of a smarter debate

An end to ad hoc, populist and rushed policy changes to super by government is being called for by Tom Garcia, chief executive of AIST.  The urgency of this call comes a week after the treasurer Joe Hockey floated the idea of using super to help young people pay for their home or HEC debt. […]
Policy and Regulation

Bowen slams Hockey’s proposal

Removing savings from superannuation accounts to buy housing will be “disastrous”, the shadow treasurer said. Chris Bowen slammed treasurer Joe Hockey’s “thought bubble” that superannuation money could be used to help first time buyers get onto the property ladder or retrain, describing the proposal as “ridiculous” and “disappointing” at the Centre for International Finance and […]
Investment Strategy

FSI’s backing of independent trustees “unenthusiastic”

The Financial System Inquiry’s recommendation that APRA-regulated superannuation funds should have a majority of independent trustees has been branded “unenthusiastic” by Industry Super Australia. Notably the section of the report containing the recommendation, which also calls for all chairs to be independents and for an arm’s length definition of independence to apply, starts out with […]
Investment Strategy

Cbus wants impact study of pension at age 70

Cbus is to undertake an examination into the potential impacts on its members of shifting the pension age to 70. The fund has 700,000 members in the building, construction and allied industries, many of whom find it hard to continue manual work until their sixties. David Atkin, chief executive of the $22bn fund, said that […]
Investment Strategy

Challenger puts deferred annuity on ice

Challenger is to delay the launch of its deferred lifetime annuity (DLA), after the government said it wanted a review of all post-retirement products before awarding them tax breaks. Earlier this year the Labor government had announced that the income from DLAs would receive a concessional tax break from July 1,  2014. Challenger had planned […]
Investment Strategy

Opposition to kick-start annuity market

If elected in September, shadow treasurer Joe Hockey says he will encourage the issuance of longer dated government debt in a move to kick-start an Australian annuity market. Longer term index-linked government securities would create a good match for the risk a financial services company takes on when it promises to pay a retiree a […]
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 […]