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Edition 9

  •   5 April 2013
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Welcome from Chris Cuffe

This morning, the Government announced a range of superannuation changes, and here's the full Media Release. There's more information on our website.

Once when you put down the chocolate eggs and switched on the ABC News on an Easter Sunday evening, the first item featured the inside of a cathedral. Now, it’s superannuation, regulatory speculation and the great class divide. In my view, there’s only one way we can go with this, as my article explains.

In its Media Release today, the Government has announced a Council of Superannuation Custodians to ensure that any future superannuation changes are consistent with an agreed Charter of Superannuation Adequacy and Sustainability. On first look, this sounds similar to my proposal, and seems like a worthwhile move.

Some of the claims about super are difficult to believe. Is it really possible that many people are saving significant amounts in super then taking it out at the first opportunity to spend it on prestige cars and overseas holidays, with a strategy to rely on the government pension? The maximum single pension rate is $366.85 a week or $19,000 a year. If this is part of your financial plan, you need to consider how far $50 a day goes in Australia today - a month’s worth gone in one insurance bill.

Pauline Vamos is the CEO of The Association of Superannuation Funds of Australia (ASFA) and is one of the more influential voices in the super debate. Her article puts much needed balance back into the debate by addressing some misleading information.

It’s easy to find a place for cash, fixed interest and shares in an investment portfolio, but alternative investments are trickier. Dominic McCormick shows how the choices are becoming more liquid and easier to justify, while David Bell clarifies what is meant by a ‘hedge fund’, and some traps to watch for.

Graham Hand explores a disconnect in the ability of public super funds to invest in the deposits of our banks at a time when they should reduce reliance on foreign borrowings, and it comes with another free kick given to SMSFs by the regulators. We need to take a bigger picture perspective on banks and public super funds for the sake of long-term financial stability.

Chris

Latest posts from Cuffelinks, 5 April 2013, Edition 9

  • Let’s kick this political football out of the ground Chris Cuffe
  • Debating the value of super Pauline Vamos
  • APRA helps SMSFs but large super funds left hanging Graham Hand
  • Improving access to liquid alternatives Dominic McCormick
  • How ASIC defines ‘hedge funds’ and what it means to you David Bell

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  •   5 April 2013
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