Thu, 14th Mar 2024

In this week's Superannuation News Wrap, Paige Estritori discusses increasing living costs for retirees reflecting a 3.5% rise, with healthcare, leisure, and insurance costs notably high. Further, she explores the criticism faced by a scheme allowing Australians to utilize superannuation funds for housing deposits, as it may inadvertently increase property prices and negatively impact first-time buyers. In the cybersecurity sector, the Association of Superannuation Funds of Australia urges that only major cyber incidents need obligatory reporting. The episode also highlights a positive shift in the gender super balance gap, thanks to Self-Managed Superannuation Funds (SMSFs). Finally, Estritori uncovers possible superannuation tax benefits that could be inflating house prices, and suggests implementing a capital gains tax at retirement as one way to address the issue.