The government’s move to shift Australia’s superannuation system to a focus on the retirement phase might be a big ask for a population long focussed on accumulation. But it’s a necessary one, as most retirees don’t fully grasp how to make their golden years work for them.
Focussing on the quality of a company and how it’s likely to perform is a key part of a high-conviction strategy, says fund manager Claremont Global. It’s also a useful strategy for investors who want access to the AI-fuelled tech phenomenon in the US without getting caught up in the noise.
The proposed tax on super balances exceeding $3 million is still flawed and should not be legislated in its present form, the peak body representing self-managed superannuation funds said, imploring Senate cross-benchers to ice the bill.
Investors today have no shortage of worries to keep them up at night. According to AMP’s chief economist, it’s an ideal time to revisit some crucial investment principles that can help protect capital and provide peace of mind.
The banking industry’s Scam-Safe Accord aims to “put scammers out of business” through six coordinated initiatives, including name and biometric checks. It’s a good first step for protecting older Australians, who are disproportionately affected by scams, an advocacy group says.
Only Norwegians and Icelanders pay more than Australians for internet access, and Australia’s fixed broadband speeds rank a dismal 92nd globally. But consumers, even those on a fixed income, shouldn’t despair: a little research can save a lot of money.
Greenwashing is still the biggest barrier to uptake of responsible investment strategies, but this and other challenges the ESG sector are facing now are also signs of a proliferating market that’s just picking up speed.
The Swiss bank’s $3.5 billion issue of contingent convertible bank capital drew 10 times as many investors as it needed, showing the market has already forgotten how holders of these bonds fared in the case of the collapsed Credit Suisse.
Calling for a product modernisation framework to remove barriers that stop investors from moving to better investments, the peak body said current rules keep too many people stuck in dated, underperforming products, costing retirees and the government big money.
With language that largely matches the original proposal, the government’s objective of superannuation is now a step closer to being enshrined in legislation. While industry support remains broadly strong, some take issue with the bill’s wording, some with whether it’s needed at all.