Thu, 28th Mar 2024

In the latest Weekly Superannuation News Wrap, Paige Estritori of Financial Services Online discusses key updates in Australia's financial sector. A significant boom in the superannuation sector has led to an annual surge of 8.8%, prompting enhanced oversight from APRA. Attention is also given to the increasing climate-related financial risks. Women's powerful presence in the financial world is acknowledged as they adopt aggressive investment strategies over traditional ones. In new developments, Meezan Wealth Management has introduced a Sharia-compliant superannuation fund showing strong appeal to the medical sector and migrants. The Treasury is refining the new $3 million superannuation tax cap, focusing on how defined contributions factor into total balance. Lastly, Deloitte's findings foresee the domination of the superannuation industry by industry super funds and SMSFs in the foreseeable future.n