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3 April 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.
This time last year, I highlighted 16 ASX stocks that investors could own indefinitely. One year on, I look at whether there should be any changes to the list of stocks as well as which companies are worth buying now.
The ABS recently released figures which are used to determine key superannuation rates and thresholds that will apply from 1 July 2025. This outlines the rates and thresholds that are changing and those that aren’t.
With the arrival of the new year, the first members of ‘Generation X’ turned 60, marking the start of the MTV generation’s collective journey towards retirement. Are Gen Xers and our retirement system ready for the transition?
The intergenerational wealth transfer, largely driven by a housing boom, exacerbates economic inequality, stifles productivity, and impedes social mobility. Solutions lie in addressing the housing problem, not taxing wealth.
Warren Buffett's annual shareholder letter has been fixture for avid investors for decades. In his latest letter, Buffett is reticent on many key topics, but his actions rather than words are sending clear signals to investors.
With an election due by 17 May, we are effectively in campaign mode with the Government announcing numerous spending promises since January and the Coalition often matching them. Here's what the election means for investors.
Larry Fink is one of the smartest people in the finance industry. In his latest shareholder letter, the Blackrock CEO outlines his quest to become the biggest player in private assets and upend investor portfolios.
Our economy grew by a nominal rate of 7% per annum from 2017 to 2024, but it benefited from the largesse of fiscal and monetary policies, both of which are now fading. We need a new, credible economic growth agenda.
If the recent polls are anything to go by, we are headed for a hung parliament at the upcoming federal election. So more than ever, Australians need to give serious consideration to their preference votes.
It’s common for people as they age to seek more help in running their SMSF if their capacity declines. An alternate director may be a great solution for someone just planning for short-term help in the meantime.
In this interview, Matthew Haupt from Wilson Asset Management discusses his outloook for the ASX, sectors such as REITs that he likes, and his firm's launch of a new income-oriented listed investment company.
Life expectancy isn't just a number - it's a concept that changes with survival rates over time. This article breaks down how age, survival, and societal factors shape our understanding of life expectancy, especially post-Covid.
Gold mining stocks outperformed in 2024 and are expected to do well in 2025. At this point in the rally, it's worth considering what has driven gold prices higher and why miners could still have some catching up to do.