In May 2009 the government announced a review of the superannuation industry, headed by Jeremy Cooper, the former Deputy Chairman of ASIC. The aim was to examine the efficiency of the superannuation system to achieve an outcome that maximised the retirement income for all Australians.
This week the government released the final report of the review panel. The Treasury estimates the changes could result in operational savings of $1 billion a year, money which could be put into our retirement coffers.
The final report was 169 pages long, but you’ll get to grips with some of the key issues in today’s BTalk. Meg Heffron, a member of the review panel and Principal of Heffron, talks us through how the recommendations will drive efficiency and why the introduction of MySuper will reduce fees and ensure people are in control of their investment decisions.
-
Markets dreaming of post lockdown utopia
Falling COVID19 infections and hopes of opening-up of economies has buoyed markets, says NAB’s Tapas Strickland. And Australia and APAC could be the first to recover.
-
Inequality is Bad for the Rich
Richard Wilkinson says a wide income gap is bad news for society — it increases crime, health and education, which affects everyone, even the rich.
-
Markets calmer, but US budget deadline looms
Markets are much calmer this morning. Equities have managed to climb a little, with the biggest moves in currencies and commodities. NAB’s David de Garis says there’s debate about whether we’re heading to reflation, deflation or stagflation, or all of the above. The Aussie dollar lost more ground, but the pound is taking more of a hammering as fuel shortages will almost certainly be hitting the growth outlook there. Over the Atlantic the debt ceiling is looming, but the short-term issue is passing some sort of budget today, so the government can carry on spending tomorrow.
