A$13.6bn pumped into Future Fund
AUSTRALIA - The government is set to transfer A$13.63bn into the Future Fund in a bid to tackle its massive superannuation liabilities, currently at $100bn.
Peter Costello, Treasurer of the Commonwealth of Australia, said superannuation liabilities were the largest liability on the government’s balance sheet. "[Tackling the debts of] the Future Fund will...
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Bill introduced to increase contribution rate to 12%
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.
Australian Future Fund returns -2.9% in third quarter
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.
Australian super falls for the fifth month
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.
StatewideSuper and Local Super takes a step forward
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