Markets

These are the best and worst performing super funds in Australia in 2020

Online investment adviser Stockspot has ranked the best and worst performing super funds for 2020. They show that Australian superannuation funds are returning anywhere between 9% and -2% returns. With fees having the potential to move retirement balances by $200,000 over a working life, CEO Chris Brycki says it pays […]
These are the best and worst performing super funds in Australia in 2020
News

The ATO will have ‘no problem’ tracking down Australians who withdrew their super against the rules, according to a tax agent — and even honest mistakes will be punished

The ATO will find it “quite easy” to track down ineligible Australians who withdrew their super, according to H&R Block. Director of communications Mark Chapman told Business Insider Australia that the tax office will be able to quickly identify and investigate applicants whose claims don’t add up. Even honest mistakes […]
The ATO will have ‘no problem’ tracking down Australians who withdrew their super against the rules, according to a tax agent — and even honest mistakes will be punished
Markets

Just a handful of Australia’s 50 largest super funds have a good track record on issues like climate change. Here’s who doesn’t stack up.

Many of Australia’s largest superannaution funds have been slammed for not living up to their public commitments. An analysis of the 50 biggest shows many have voted against policies relating to climate action, political transparency, and gender equality. The Australasian Centre for Corporate Responsibility (ACCR) which compiled the analysis said […]
Just a handful of Australia’s 50 largest super funds have a good track record on issues like climate change. Here’s who doesn’t stack up.
Markets

The early access to super scheme has been temporarily suspended after the AFP reveals fraud investigations

Applications to withdraw superannuation early have been paused amid a fraud investigation. Assistant Treasurer Michael Sukkar confirmed the scheme is on hold until at least Monday as security is tightened. The Australian Federal Police (AFP) are investigating 150 cases of fraudulent access, after personal information was stolen by “sophisticated” criminals. […]
The early access to super scheme has been temporarily suspended after the AFP reveals fraud investigations
News

10 things you need to know this morning in Australia

It’s Friday! We’re just about ready to stop reading depressing world news on our work computers, and start reading depressing world news on our leisure computers. That’s how things work now. 1. More than 450,000 Australians have been approved to access their super early, Treasurer Josh Frydenberg has confirmed. They […]
10 things you need to know this morning in Australia
Markets

More than 450,000 Australians have been approved to access their super early, draining billions from the system in just three days

The government has issued an update on much demand it has seen for its COVID-19 economic support measures on Thursday. Treasurer Josh Frydenberg confirmed that 456,000 Australians had been approved since Monday to withdraw on average around $8,300 from their retirement savings. Meanwhile 6.8 million people had received the JobSeeker […]
More than 450,000 Australians have been approved to access their super early, draining billions from the system in just three days
Markets

‘Absolutely hypocritical’: Four of Australia’s biggest super funds say they stand for climate action, but often vote against it

Four big Australian super funds have had their record on climate action slammed, with new data revealing they remain heavily invested in fossil fuels. AustralianSuper, UniSuper, Hostplus, and HESTA control around $360 billion of the reitrement savings for more than 4.5 million Australians. While they maintain they wield their stakes […]
‘Absolutely hypocritical’: Four of Australia’s biggest super funds say they stand for climate action, but often vote against it
Markets

Aussies in these 32 super funds could be $200,000 worse off by retirement

Online investment adviser StockSpot has released its 2019 Fat Cat Funds Report, naming and shaming the most overpriced and underperforming superannuation funds in Australia. Super funds managed by ANZ Bank, wealth managers AMP, MLC and Perpetual and life insurer Zurich were found to be the worst, with ’32 fat cat […]
Aussies in these 32 super funds could be $200,000 worse off by retirement
News

Meal prep company Youfoodz accused of not paying benefits to staff

Former employees from Youfoodz are claiming the company did not fully pay their superannuation contributions. Staffers claim the company owes nearly $50,000 in contributions. One employee was told the issue is with the Australian Taxation Office. Brisbane-based food delivery company Youfoodz has been accused of not paying superannuation to some […]
Meal prep company Youfoodz accused of not paying benefits to staff
Markets

Four reasons why you should be investing with a robo advisor

Now is the best time to find better, and faster, ways to build a secure financial future. However, it’s hard to find the time to work on an investment strategy with all the other commitments in life. According to Stockspot, an online investment adviser, robo-advice is now the fastest growing […]
Four reasons why you should be investing with a robo advisor
Markets

The CEO and Chair of IOOF have stepped aside

The CEO and Chair of IOOF have stepped aside while they fight court action launched by APRA. APRA wants to disqualify them for “failing to act in the best interests of superannuation members”. IOOF says the allegations are misconceived, and will be vigorously defended. IOOF Managing Director, Christopher Kelaher and […]
The CEO and Chair of IOOF have stepped aside
Markets

Kogan.com is taking a tilt at superannuation with its own no frills fund

Online retailer Kogan.com plans its own super fund. The company says the fund will be no frills and ultra-low fee. The fund, provided by Mercer, is expected to launch in early 2019. Kogan.com, the pure-play online retailer with a portfolio of goods and services, is taking on the superannuation industry […]
Kogan.com is taking a tilt at superannuation with its own no frills fund
Markets

The 10 super funds with the lowest fees

Bendigo SmartSuper at 0.64% charges the lowest fee of any MySuper default fund in Australia. According to the data from Rainmaker Information, the average fee across all superannuation products is 1.23% compared to 1.16% in 2017. Overall fees charged by super funds have increased by 10% to $32 billion over […]
The 10 super funds with the lowest fees
Markets

The shares most traded by self managed super funds

The three most traded shares by SMSFs are the Commonwealth Bank, Telstra and NAB. However, analysis by CommSec shows that self managed super funds are more frequently looking beyond the ASX20 for opportunities. SMSFs are continuing to expand their investment offshore with a 30% increase in international share trades. Self […]
The shares most traded by self managed super funds
Markets

IOOF’s share price is still tanking

Shares in funds manager IOOF fell again today, continuing a slide since revelations in the financial services royal commission. Today they dropped more than 2% in early trade. At the close, they were down 1.3% to $8.12. They’ve lost about 13% over the last month. The Coppo Report put the […]
IOOF’s share price is still tanking
Markets

Australia’s retirement money pot has grown to $2.7 trillion

Australia’s total superannuation assets grew almost 8% to $2.7 trillion in the year to June, according to APRA (Australian Prudential Regulation Authority). Total APRA-regulated assets hit $1.76 trillion, up 9.1%. Here’s the breakdown: The superannuation industry has been under scrutiny, with the financial services royal commission examining the fees charged, […]
Australia’s retirement money pot has grown to $2.7 trillion
Markets

DATABASE: How much your super fund pays its directors and charges for expenses

Australia’s superannuation system is under pressure, being criticised in an investigation by the Productivity Commission and facing questioning in the financial services royal commission this week. The Productivity Commission says Australians are being bamboozled by superannuation, losing them billions every year in high fees, low returns and expensive insurance. Structural […]
DATABASE: How much your super fund pays its directors and charges for expenses
Markets

These are the super funds called before the financial services royal commission

The financial services royal commission turns its attention from next week to the $2.6 trillion superannuation industry with a focus on fees charged by funds and actual returns to retirement savers. Australians are being bamboozled by superannuation, losing them billions every year in high fees, low returns and expensive insurance, […]
These are the super funds called before the financial services royal commission
Markets

AMP has downgraded profit as it moves to repair its reputation

AMP has downgraded its first half profit expectations and its cuts fees and starts to repair its reputation. The company will post a provision of $290 million for potential advice remediation. A significant portion of that will be to compensate customers for potential lost earnings. AMP also warned of lower […]
AMP has downgraded profit as it moves to repair its reputation
Markets

The 10 top performing super funds of 2018

The median growth super fund finished the 2018 financial year up a 9.2%. Hostplus took the top spot for the best performing growth fund with 12.5%. The better performing funds were those that had higher allocations to listed shares and to unlisted assets — property, infrastructure and private equity. The […]
The 10 top performing super funds of 2018
Markets

Most advice given to self-managed super funds is dodgy

Analysis by ASIC finds that 91% of advice given to set up self managed super funds doesn’t comply with regulations. One in ten people would be significantly worse off in retirement because of the advice. And a lot of people are setting up a self-managed super fun without knowing whether […]
Most advice given to self-managed super funds is dodgy
Markets

Super funds are set to hit a 9th straight year of positive returns

The average growth super fund is excepted to end the financial year in two weeks with a 9% return. This is the ninth year of positive returns. Chant West, a super industry analyst firm, says the better performing funds have been those with higher allocations to listed shares and to […]
Super funds are set to hit a 9th straight year of positive returns
Markets

Here’s how you can take responsibility for your super

The Productivity Commission’s latest report on superannuation asks whether the current system is working for members – and answers firmly in the negative. The report identifies four factors that can chip away at super fund members’ retirement benefits: fees rate of return insurance holding multiple accounts What is also clear […]
Here’s how you can take responsibility for your super
News

The budget aims to make superannuation cheaper for under 25s

Australia’s $2.3 trillion superannuation industry, already under intense scrutiny at the financial services royal commission, is also in treasurer Scott Morrison’s sights when it comes to fees and charges. The federal budget looks to protect the super savings of young people by capping fees on low balances and “inactive” accounts […]
The budget aims to make superannuation cheaper for under 25s
Markets

Fintech OneVue just bought KPMG’s superannuation administration business

OneVue, a super fund platform administration service, just closed its purchase of KPMG’s Superannuation Member Administration business for $6.5 million. The deal takes OneVue’s funds under administration to $4 billion, with 130,000 members and 38 superannuation funds, making it Australia’s fourth largest superannuation member administrator. OneVue group managing director Connie […]
Fintech OneVue just bought KPMG’s superannuation administration business
Markets

Millennial super fund Spaceship has been fined for misleading conduct

The company behind Spaceship superannuation — an online super fund pitched at millennials with a focus on tech stocks — has been fined by the corporate regulator for false and misleading conduct. The Australian Securities & Investment Commission (ASIC) said Spaceship Financial Services Pty Ltd — the promoter of the […]
Millennial super fund Spaceship has been fined for misleading conduct
Markets

A star stock-picker’s $1.8 billion firm was dropped by a giant super fund, and it’s a warning to Australia’s money managers

A move by the country’s largest superannuation fund, Australian Super, to dump the fund run by high-profile stock-picker John Sevior underscores the challenges facing professional money managers on many fronts. Fund managers are fending off low-cost index-tracking funds, which are gobbling up market share and crunching margins at the same […]
A star stock-picker’s $1.8 billion firm was dropped by a giant super fund, and it’s a warning to Australia’s money managers
Markets

The top 10 performing Australian superannuation growth funds of 2017

Superannuation funds did very well in 2017. The median growth fund ended up at 10.8%, the sixth consecutive positive annual return and well ahead of the performance targets set by the funds themselves. AustralianSuper took the top spot with 13.6%, and even the worst performing fund delivered a respectable 7.6%. […]
The top 10 performing Australian superannuation growth funds of 2017
Tech

Millennial super fund Spaceship just removed Atlassian co-founder Mike Cannon-Brookes from its marketing

Superannuation fund Spaceship last year started using Atlassian co-founder Mike Cannon-Brookes’ high-profile testimony of its investment model to promote itself. Now that arrangement has reportedly been scrapped. The Australian reported Monday that Spaceship was instructed to remove Cannon-Brookes’ image and quotes from its marketing materials and social media. Business Insider […]
Millennial super fund Spaceship just removed Atlassian co-founder Mike Cannon-Brookes from its marketing
Tech

Telstra’s superannuation fund just invested $35 million in a startup incubator and early investor

Telstra’s superannuation arm has announced a $35 million investment into an organisation that provides early stage funding and incubation for startups. IP Group, while headquartered in London, provides financial and expertise for early stage startups arising from research out of 8 Australian universities — University of Adelaide, Australian National University, […]
Telstra’s superannuation fund just invested $35 million in a startup incubator and early investor
Markets

Superannuation funds are heading for an eighth year of growth

Median growth superannuation funds returned 8.5% for the first nine months of the financial year and are heading for an eighth year in a row of positive returns. In the March quarter, the median growth fund, holding 61% to 80% in growth assets, was up 2.5%. The previous two quarters […]
Superannuation funds are heading for an eighth year of growth
Markets

The hidden fall in home ownership in Australia

The home ownership crisis is worse than official numbers suggest, according to analysis by independent economist Saul Eslake. Not only are the young being locked out of the housing market by rising prices but older people with mortgages are heading to retirement still carrying significant loan debt. “If current trends […]
The hidden fall in home ownership in Australia
Markets

PODCAST: Spaceship super, property prices, the Fed, and Australian jobs

It’s been a big week, with global markets rousing from their recent slumber on the Fed decision to finally lift interest rates, and with Australia posting a surprisingly terrible set of jobs data for February. Australia has also seen a welcome conversation about superannuation ahead of the official launch of […]
PODCAST: Spaceship super, property prices, the Fed, and Australian jobs
Markets

The 10 best-performing Australian default super funds in 2016

Catholic Super and HOSTPLUS were the top returning super funds in 2016, delivering a 10.1% gain for their members, according to industry analyst SuperRatings. The median balanced option returned 7.3% over the 12 months to December, slightly below the 7.6% average over the last seven years. The return is similar […]
The 10 best-performing Australian default super funds in 2016
Markets

This Aussie super fund for government employees turned a $70 million profit thanks to Trump’s election victory

A Canberra-based super­annuation fund for federal government employees reportedly turned a $70 million profit after shorting the Mexican peso before Donald Trump’s surprise election, according to The Australian. While the Commonwealth Superannuation Corporation has not confirmed the figure, it said in a note to members: “CSC pro-actively managed your superannuation […]
This Aussie super fund for government employees turned a $70 million profit thanks to Trump’s election victory
News

Employers are banking $1 billion from a loophole in superannuation rules

Making the effort to pay a bit extra each month to superannuation may not be the best strategy, depending on where you work. Some employers are using a loophole in superannuation rules to pocket some or all the benefits from additional super contributions made by employees, according to analysis of […]
Employers are banking $1 billion from a loophole in superannuation rules
Tech

No idea if you have enough to retire? There’s an app for that

More than once has accountant and financial advisor Russell Mann opened the door to a new client in a panic. “Clients come to us with concerns like ‘I don’t know where I am financially at the moment, but I know I have to retire soon. I don’t know if I […]
No idea if you have enough to retire? There’s an app for that
Markets

Plans to privatise the NSW government’s super fund administrator Pillar have hit a competition issue

The NSW government’s plan to privatise its superannuation administrator Pillar and extract up to $200 million in cash has hit competition problems. The consumer watchdog, the ACCC (Australian Competition and Consumer Commission) says the possible acquisition of Pillar by Link Administration Holdings, Australia’s largest super administrator, is likely to substantially […]
Plans to privatise the NSW government’s super fund administrator Pillar have hit a competition issue
News

Why Australia’s thinking on superannuation is wrong

So much of the national conversation about superannuation simply assumes that “savings for retirement” is synonymous with “superannuation savings”. This is a big mistake. This mistake partly explains why we got into such a mess with excessively generous tax breaks for super. It also underlies misguided plans to increase superannuation […]
Why Australia’s thinking on superannuation is wrong