AUSTRALIA - The Australian National Audit Office has found the majority of Australian government organisations are not meeting obligations which require the provision of superannuation contributions for certain contractors and consultants.
The audit report revealed that of the 78 contracts tested in the audit sample, only 25 were complying with the Superannuation (Productivity Benefit) Act 1988, which establishes super arrangements for Commonwealth...
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 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.
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.