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29 November 2024

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Super to reach $6 trillion in 17 years

Speakers at the recent Conference of Major Superannuation Funds (CMSF) said the super system will increase from the current $1.3 trillion $6 trillion in 2030. That's 180% of the GDP, and only 17 years from now. There were also predictions of far greater use of global equities, mainly because the Australian equity market is small.

The pension and superannuation access ages will both rise and be merged into the same timing, and there will be a move to take annuity payments, not lump sums.

Fiona Trafford-Walker, Managing Director of Frontier, predicted a slowdown in SMSFs "... as people realise it is not that fun and that it is hard to manage your own money." Fiona may be overlooking the fact that the software required to run and account for an SMSF is improving all the time, and that the administrative burden will be eased in future for little cost.


 

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