Thu, 29th Feb 2024

This week's Financial Services Online Superannuation News Wrap, hosted by Paige Estritori, discusses major developments in Australia's financial industry. Things kicked off positively with TelstraSuper's introduction of full-time superannuation contributions for part-time employees returning from parental leave - an effort to bridge the retirement savings gap and promote financial inclusivity. Conversely, a report from ASFA revealed a disturbing decrease in Australians with life insurance through superannuation as a result of Coalition reforms. The federal government's proposed superannuation tax reform - doubling the tax on super savings over three million dollars - was deemed to have a minimal impact. Lastly, an increase in superannuation contribution caps due to a rise in weekly earnings is expected to reduce reliance on government pensions, a major plus for those nearing retirement.