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8 October 2025
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When Dr Martin Parkinson, Secretary to the Treasury, spoke at the 2012 ASFA conference on 28 November about the future challenges for Australia's superannuation system, he made all the right noises. Here is what he said, with our underlined emphasis:
"There are various reasons higher national saving is particularly welcome at the moment, though some sectors are adversely affected. With the international environment more uncertain than over most of the preceding 15 years, borrowing less and saving more makes us more resilient to possible adverse developments. While our terms of trade remain high by historical standards, the recent decline only emphasises that some (unknown) portion of our current national incomes is temporary. And there are benefits to saving more now to support a progressively older population, before the impacts of population ageing become more pressing.
Superannuation's large pool of stable and unleveraged superannuation assets contributes to financial stability by adding depth and liquidity to financial markets; providing an alternative source of finance for other sectors; and acting as an important buffer against external shocks.
In addition to the rise in total flows into superannuation funds, an increasing proportion of financial asset acquisition has been going into domestic equities and deposits, particularly in the post-GFC period. This has helped Australian banks and non-financial firms shift toward safer forms of financing in an environment where debt financing is less readily available and is seen as more risky than it was pre-GFC."
So while it is often believed that Treasury looks at the tax concessions in superannuation like a buzzard hovering over a carcass, and clearly has targetted lower contribution limits, let's hope Dr Parkinson's views translate into restraint on additional taxes.
The $32 billion 'cost of superannuation' number has become the most dangerous weapon used by critics of super tax concessions. Treasury says it's not the amount that would be saved.
This AI cycle feels less like a revolution and more like a rerun. Just like fibre in 2000, shale in 2014, and cannabis in 2019, the technology or product is real but the capital cycle will be brutal. Investors beware.
An explosion in low-skilled migration to Australia has depressed wages, killed productivity, and cut rental vacancy rates to near decades-lows. It’s time both sides of politics addressed the issue.
LICs are continuing to struggle with large discounts and frustrated investors are wondering whether it’s worth holding onto them. This explains why the next 6-12 months will be make or break for many LICs.
Australian housing’s 50-year boom was driven by falling rates and rising borrowing power — not rent or yield. With those drivers exhausted, future returns must reconcile with economic fundamentals. Are we ready?
Younger Australians think they’ll need $100k a year in retirement - nearly double what current retirees spend. Expectations are rising fast, but are they realistic or just another case of lifestyle inflation?
This week, I got the news that my mother has dementia. It came shortly after my father received the same diagnosis. This is a meditation on getting old and my regrets in not getting my parents’ affairs in order sooner.
On every valuation metric, the US appears significantly more expensive than Australia. However, American companies are also much more profitable than ours, which means the ASX may be more overvalued than most think.
Government spending is out of control and there's little sign that Labor will curb it. We need enforceable rules on spending and an empowered budget office to ensure governments act responsibly with taxpayers money.
The idea of stopping work during your sixties is a man-made concept from another age. In a world where many jobs are knowledge based and can be done from anywhere, it may no longer make much sense at all.
The tech giants are in a money-throwing contest to secure AI supremacy and may fall short of high investor expectations. The companies supplying this arms race could offer a more attractive way to play AI adoption.
Whether for yourself or a family member, it’s never too early to start thinking about aged care. This looks at the best ways to plan ahead, as well as the changes coming to aged care from November 1 this year.
ESG investing has fallen out of favour with many investors, and Trump's anti-green policies haven't helped. Yet, renewables investment is still surging, which could prove a boon for infrastructure companies.
From buying the whole market to controlling emotions, John Bogle’s legendary advice reminds investors that patience, discipline, and low costs are the keys to investment success in any market environment.