Thursday’s briefing is the first to be held in the 46th Parliament following the 2019 federal election. The last briefing was held in December 2018.
Committee chair Keith Pitt MP said, “The National Capital Authority exercises broad functions in representing and maintaining the Commonwealth’s interests in the national capital. Thursday’s hearing provides Committee members with an opportunity to become more familiar with the Authority’s current work and consider other matters that are of interest in the nation’s capital."
Members of the public are welcome to attend and observe the proceedings. Audio of the hearing will also be webcast live on the Australian Parliament’s website.
AUSTRALIANS with multiple super accounts should consider consolidating their accounts or risk losing potential earnings, ahead of new superannuation changes coming into effect at the end of October, Industry Super Australia has warned.
As part of the Federal Government’s Protecting Your Super changes that come into effect on October 31st, all inactive, low-balance super accounts (under $6,000) will be automatically rolled over to the Australian Tax Office (ATO). The ATO will then try to reconnect the savings from these accounts with people’s current accounts.
“These are good changes that will put more money back into the super nest eggs of thousands of workers – but it’s important Australians are aware they could miss out on extra earnings, if their old and forgotten accounts end up sitting with the ATO," Industry Super Australia CEO Bernie Dean said.
While the changes will result in people being reconnected with money in forgotten super accounts and stop the erosion of super balances by multiple fees and premiums, people should be aware that if the ATO is unable to match the old inactive accounts to a their current accounts, they risk losing out on investment returns.
This is because the money from those old forgotten super accounts will sit with the ATO and will earn interest at CPI – which is significantly less than what a person would receive if they had their super in an industry super fund. On average, industry funds return a balance which is 4.5 per higher than CPI.
With research showing that one in four Australians are unaware that they have multiple accounts, it’s critical that Australians check to see if they could be affected by these changes.
Industry Super Australia is urging Australians to take action and consolidate their super funds themselves, ahead of the ATO’s automatic consolidation deadline, to make sure they don’t miss out on additional earnings.
“With less than a month to go before these super changes kick in, it’s really important that Australians do their housekeeping and check on their accounts before it’s too late," Mr Dean said. “Sorting it out is easy – if you have multiple accounts you can consolidate now and protect and maximise your savings, or if you’re a person who has been out of the workforce for a while you can make a contribution to keep your fund ticking over.
“If you’re not sure if you’re going to be affected by the changes, just give your super fund a call and they’ll be able to help you.”
Australians taking a break from the workforce, such as mums at home caring for kids, or those studying or overseas could also be affected if they haven’t made a contribution to their account in the past 16 months.
Under the changes, an inactive account is one that hasn’t received a contribution in the past 16 months. The best way to prevent an inactive super account being automatically transferred to the ATO is to contact your super fund, confirm the status of your account, and make a contribution to the fund you want to keep active.
For those Australians with multiple accounts, account consolidation has never been easier. People can easily consolidate their low-balance or inactive accounts through the ATO’s MyGov website or by calling their super fund to begin consolidating their accounts.
BUILDERS HAVE welcomed the boost for first home buyers that will be delivered by the Government’s First Home Loan Deposit Scheme which has been passed by the Federal Parliament.
“Aspiring to home ownership is fundamental to the Australian ethos. This measure will support thousands of first home buyers realise their ambition every year and boost residential building activity and economic growth,” Master Builders Australia CEO Denita Wawn said.
“It will lift the confidence of residential builders who are enduring a contraction in house building activity and will support the burgeoning recovery in the housing. In particular it will add momentum to the gradual return of First Home Buyers to the market that we have witnessed in the past few months,” she said.
“Master Builders are strong and vocal supporters of this initiative as a targeted and practical step to help aspiring home owners overcome the deposit gap. It will also complement other moves by the government to tackle housing affordability by supporting an increase in the housing supply to help keep home ownership within reach of all Australians.
“The reinvigoration in the roll out of city deals is welcome as are the government’s initial efforts to fast track the construction of urban, social and transport infrastructure, including outside Sydney and Melbourne, where capacity constraints are less and bang for your buck is more,” she said.
“Master Builders will continue to be vocal in our call for governments to work together to advance infrastructure construction and to implement policies such as the First Home Loan Deposit Scheme because they will the economic growth that is essential for a stronger economy and our member’s business success,” Ms Wawn said.
THE House of Representatives Standing Committee on the Environment and Energy is holding further public hearings in Canberra on the prerequisites for nuclear energy in Australia.
The Committee will hear from a number of witnesses during the course of these hearings. Full programs are available on the inquiry website at https://www.aph.gov.au/nuclearpower.
Public hearing details
Date: Wednesday, 16 October 2019 Time: 10:30am to 11:15am Location: Committee Room 2R2, Parliament House, Canberra
Date: Friday, 18 October 2019 Time: 8:30am to 3:45pm Location: Committee Room 1R1, Parliament House, Canberra
A HIGH-POWERED GROUP of women and men are mobilising in a push to make sure that the pressing needs of women are not left out of the forthcoming retirement income review.
The group, coordinated by Women in Super, are pushing for the review’s terms of reference to be updated to specifically include women.
Women in Super Chair Cate Wood said it was vital the report take a thorough look at how policy settings combined with the structural, economic, social and demographic drivers are leaving increasing numbers of women without economic security in retirement.
“There is a crisis in women’s retirement happening all around us,” Ms Wood said. “Single retired women are the fastest growing group of people becoming homeless in this country.
“The rate of poverty for retired women also continues to increase, which is unsurprising given women retire on average with just over half the superannuation savings of men.”
Ms Wood said that while the terms of reference are broad, an explicit focus on women’s retirement outcomes was needed to ensure that the review did not miss an important opportunity to address the gender retirement gap.
Treasurer Josh Frydenberg announced the Review of the Retirement Income System in late September.
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