The Productivity Commission has released a research paper which says preparation for an ageing population must begin early. According to the report, An Ageing Australia: Preparing for the Future, Australia is facing a major slowdown in its growth in national income per capita and productivity outlook at the same time that ageing will start to make major demands on the budgets of all Australian governments. The population aged 75 or more years is projected to rise by 4m from 2012 to 2060. In 2012, there were roughly, one centenarian for every 100 babies.
Attracting a crowd of almost 200 people representing many of Australia's best super funds and most innovative superannuation product designers, the awards ceremony celebrated how far competition has come in superannuation as seven of the 12 fund-based awards were won by not-for-profit funds and five by retail wealth management groups.
The federal government has announced that it will NOT proceed with a raft of Labor’s taxation changes, including taxes on individual superannuation pension earnings above $100,000. That is, super funds will retain their 100% tax free status in pension mode.
The Rice Warner Report released this week, “Costs of Operating SMSF”, makes it very clear that if you and someone else you can have as member of your SMSF have superannuation savings of $500,000 or more then, a SMSF is probably going to be the cheapest form of superannuation you can have.