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The Australian Bureau of Statistics is set to release new wage data later this month, and it's believed that shortly thereafter, this data could trigger an increase in the superannuation concessional contribution cap from $27,500 to $30,000.
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A share rally in the final quarter of the 2023 calendar year helped propel Australian superannuation funds to notable year-end gains, with the median Balanced and Growth options delivering impressive returns of 9.6% and 11.0%, respectively.
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The Australian government is planning big changes to the superannuation system and has issued a consultation paper asking for everyone's ideas on how to improve the system’s ‘retirement’ phase.
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The Australian Prudential Regulation Authority (APRA) has released its 2023 September quarterly superannuation performance statistics report, which suggests that the superannuation industry is facing some challenges in the current economic environment but is still relatively well-positioned for the long term.
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In the 2022-2023 financial year, the ATO reclaimed $1.13 billion in Super Guarantee Charges, penalties for companies that fail to pay required super contributions on time.
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The average balanced super fund option fell by 1.6%, marking the third month in a row that super returns have declined.* However, it’s not all doom and gloom considering returns remain positive over 1 through 20 years.*
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Australians not seizing the opportunity to grow their super balances might miss out on the benefits of a financially comfortable retirement.
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Prospective retirees may be looking to hang up their hats as October showed online searches for retirement planning rose by 50%, according to Aware Super.
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When we think about retirement, confidence is key. Unfortunately, a recent survey by CoreData published 24 October found many Aussies aged 55 and over are uneasy about their retirement funds.
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Women over the age of 35 who are earning average salaries of $80,000 are the forgotten majority when it comes to superannuation, and tend to retire with $136,000 less than men according to Employment Hero.
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