Fri, 2nd May 2025

In the Weekly Superannuation News Wrap, Paige Estritori discusses key Australian financial updates. Chief highlights include Leigh Gavin stepping in as Chief Investment Officer of Cbus as it aims to self-manage half of its investments within three years. Additionally, a controversy has arisen over a proposed tax on unrealised capital gains of superannuation balances exceeding $3 million, with critics arguing the policy could lead to economic losses and unfavorable behavioral shifts. Nevertheless, ASFA supports the intent of the proposal, suggesting deferred tax payments to increase equity. Lastly, ASIC's Report 806 reveals serious mismanagement of death benefit claims among 10 superannuation trustees. It calls for monitoring improvements and greater use of valid binding nominations to alleviate emotional distress for beneficiaries.