AUSTRALIA - The Association of Superannuation Funds of Australia (ASFA) has given the thumbs up to draft regulations outlining obligations for employers and employees ahead of the introduction of the choice of fund legislation.
Assistant treasurer and minister for revenue, Mal Brough (pictured), said: “ This is about making sure we consult with employers, employees and industry groups every step of the way to make the transition...
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.