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12 July 2025
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The Australian Government has asked the Productivity Commission to undertake an inquiry into the competitiveness and efficiency of Australia's superannuation system. The draft report was released on 29 May 2018.
These key points are taken from the Productivity Commission's website:
Any super fund that is guaranteed huge inflows of funds on a regular basis should always outperform a fund that has no such inflow, and of course has to allow for potential outflow. How easy to invest for the long term when you know that no matter what fresh money is coming in the door to handle liquidity issues! As for sponsoring football clubs etc how does this provide a retirement benefit for the member which I thought was the purpose of superannuation? We require SGC mandated funds other than the union funds to enable competition; perhaps even the Future Fund. Personally I would like to know more of the "alternatives" section of many mandated funds which are opaque to say the least and may look good in the current market but could cost some pain for future generations. Some weightings being as high as 30% of the fund.
"Unhealthy competition" - umm. I searched the go-to source of all human endeavour's knowledge (Wikipedia) and found no such term as it relates to economic activity. There were other references to "unhealthy competition" in regards to sociological outcomes (eg teams and workplaces), I will admit but no-one since Adam Smith until the Australian Government invented the term has anyone considered any economic competition as "unhealthy". Perhaps we can we bring back the Australian Wheat Board or TAA? I mean, really, how many airlines does one country need?
The idea of a "best in show" top 10 list of funds decided by an "expert" panel sounds absurd. If you put together a thousand different "expert" panels (expert in what exactly?), you'd likely end up with very close to a thousand different lists. I assume they'll essentially outsource to the research companies who already analyse and rate thousand of super funds. My many dealings with these agencies suggests they would take a very dim view of having the results of their work distilled down to a simplistic "top 10". The list would have to be constantly revised as performance, fees, market conditions constantly change. On top of that, what might be the "best" fund for someone might be totally inappropriate for someone else, depending on individual circumstances. I expect the panel will comprise the usual suspects: a few union bosses, a few company executives, some former politicians, Gonski and Peter Fitzsimons. I feel the chill winds of excessive government regulation blowing in. The irony is that ever-expanding regulation increases costs, complexity and bureaucracy, thereby often exacerbating, rather than solving problems (or else solving one, only to accidentally create another).
A positive of the PC report is the criticism of life-cycle products (“some foregoing higher returns by adjusting asset allocation as early as 30 years of age”). I have long been a critic of these products. They have the ability to “cost” members hundreds of thousands of dollars (but not hundreds and thousands). This insight by the PC will hopefully squash some aspects of the Cooper Review, whereby there was an inference that retirees should cash out from long-term investments to buy annuities. Whilst there is a need to protect against longevity risk there is, on the other hand, a benefit in maximising exposure to the best performing long-term assets. The PC report also said there should not be a MyRetirement default and hopefully this leads to healthy debate in this area.
Treasurer Jim Chalmers aims to tackle tax reform but faces challenges. Previous reviews struggled due to political sensitivities, highlighting the need for comprehensive and politically feasible change.
You've no doubt heard about Division 296. These case studies show what people at various levels above the $3 million threshold might need to pay the ATO, with examples ranging from under $500 to more than $35,000.
The $3m super tax could be put down to the Government needing money and the wealthy being easy targets. It’s deeper than that though and this looks at the factors behind the policy and why more taxes on the wealthy are coming.
The super tax has caused an almighty scuffle, but for SMSFs impacted by the proposed tax, a big question remains: what should they do now? Here are ideas for those wanting to withdraw money from their SMSF.
Business investment and per capita GDP have languished over the past decade and the Labor Government is conducting inquiries to find out why. Franking credits should be part of the debate about our stalling economy.
With Div. 296 looming, is there a smarter way to tax superannuation? This proposes a fairer, income-linked alternative that respects compounding, ensures predictability, and avoids taxing unrealised capital gains.
There are many ways to invest in stocks, but some strategies are more effective than others. Here are nine tried and tested investment approaches - choosing one of these can improve your chances of reaching your financial goals.
The $3 million super tax has many rethinking their super strategies, especially issues of wealth transfer on death. This reviews the taxes on super benefits and offers investment alternatives.
Markets are reassessing the impact of AI, with initial euphoria giving way to growing scepticism. This shift is evident in the performance of ASX-listed AI beneficiaries, creating potential opportunities.
Concerns over the US fiscal position seem to have overtaken geopolitics and interest rates as the biggest tailwind for gold prices. Even if a debt crisis doesn't seem likely, there could be more support on the way.
With further RBA rate cuts forecast this year, small caps may be key beneficiaries. There are quality small cap LICs and LITs trading at discounts to net assets, offering opportunities for astute investors.
Forget speculation about a future US-China conflict - it's already happening. Through cyberwarfare and propaganda, China is waging a grey war designed to weaken democracies without firing a single shot.