AUSTRALIA - The A$73.2bn ($78.2bn) Future Fund lost 2.9% in the third quarter, though moves to decrease equity exposures helped stave off more drastic losses.
Total fund assets decreased by approximately A$2bn from the previous quarter, results show. The fund said the negative return was due to Australian and global equity markets falling 13% and 14% respectively...
AUSTRALIA - The wheels were finally set in motion to raise the contribution limit in Australia to 12% from 9% with the introduction of a new bill today.
AUSTRALIA - The median balanced superannuation fund has fallen for the fifth consecutive month returning -1.8%, -4.9% for the September quarter and -3.8% for the past year, SuperRatings finds.
AUSTRALIA - The merger between the A$2.4bn (US$2.5bn) StatewideSuper and the A$1.7bn Local Super will move to the next stage, beginning the due diligence process following approval in principle from the funds' major shareholders.
Jeremy Cooper, author of Australia's Cooper review on superannuation, talks about his vision behind a lower-cost, more efficient pension system. He talks about the failure of traditional drivers of competition to lower prices in the financial services...
AUSTRALIA - The A$24bn Commonwealth Superannuation Corporation has hired Northern Trust as custodian, marking the firm's first full-service master custody client in Australia.