AUSTRALIA - Homeowners have been increasingly drawing on superannuation savings to get themselves out of a mortgage crisis, while non-bank lenders are disproportionately foreclosing on home loans, according to a new report.
The report was put together by The Consumer Law Centre of the ACT and the Centre for Commercial Law at ANU, and has been accepted by Annette Ellis MP, Member for Canberra, on behalf of the Federal Government....
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.