‘A lot of inequity’: Super system needs urgent reform, says HESTA chief
“This is the year,” she said. “It will be interesting to see what the government chooses to prioritise. Because there’s obviously a huge amount to do. But ... there seems to be a very strong appetite to address it. I would love to see us capitalise while there is that strong appetite.”
‘I don’t think it’s just about the dollars. I think it’s also the message that sends about unpaid caring work,’Blakey pointed out that someone with $5 million in super would receive about $70,000 a year in tax concessions – more than many HESTA members earn in a year, with a third of the fund’s members earning below $50,000 a year.
Another focus for HESTA this year, Blakey said, was increasing its engagement with companies to drive action on climate change. The fund made waves last year when it declared it would use its small stake in AGL to side with tech billionaire Mike Cannon-Brookes andchasing them for firmer guidance on their stated plans to meet the goals set by the Paris Agreement. Origin has since been removed from the list, but Blakey said conversations with the other companies were ongoing.
Last year was a rocky one for super funds, with a volatile market making it harder to achieve positive returns. Many funds. Median growth funds were down about 4 per cent for the year, according to Chant West, meaning the average balance of $145,670 will have lost $5286 over the calendar year.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Albanese pledges $70 million to Queensland hydrogen hubAnthony Albanese announced a $70 million investment for the Townsville Region Hydrogen Hub program, as well as tens of millions of dollars worth of business grants to help get hydrogen projects up and running in North Queensland.
Read more »
PM announces $70 million hydrogen investment for QldThe Prime Minister has announced a $70 million investment to help build a hydrogen hub in northern Queensland. Anthony Albanese met renewable energy companies on Saturday to discuss the project. He says developing the hydrogen industry will help boost the economy by adding $50 billion in additional GDP. The investment will also help create thousands of new jobs in Queensland and contribute to Labor's emissions reductions targets.
Read more »
Tennis chief says United Cup is here to stay as part of Australian Open build-upTennis Australia chief executive Craig Tiley backs the United Cup to become 'the pre-eminent global teams' event' in tennis, amid calls for changes to be made to the competition following its debut.
Read more »
Property price falls wipe billions off super balancesWith further interest rate rises expected, experts say property prices will continue to soften, setting up another challenging year for self-managed superannuation funds.
Read more »
Can football be saved? A new European Super League documentary wants us to decideCovering the four pivotal days that saw the rise and fall of the European Super League, a new documentary reveals the shadowy machinations of football's elite.
Read more »
Pilot Ash Jenkinson farewelled after Sea World crashChief pilot Ash Jenkinson, who was among four people killed when two helicopters collided midair on the Gold Coast, has been farewelled at a service on the Gold Coast.
Read more »