Fund Regulatory Updates
/Government Retirement Income Review presented
Treasurer Josh Frydenberg has presented the federal government’s landmark review into Australia’s superannuation system but has not made any recommendations. The 648-page report was released, offering findings of the Retirement Income Review with the Minister for Superannuation, Financial Services and Financial Technology, Jane Hume, to form the underpinnings of future policy. The review examines the Age Pension, compulsory superannuation and voluntary savings in detail.
Key points of the review include:
The legislated superannuation guarantee (SG) increase may not go ahead in 2021 due to the global pandemic
Many Australians do not have financial advice because it is expensive and the system is deemed untrustworthy
The government is looking to improve the finance industry
The super gender gap is narrowing but isn’t likely to close anytime soon
