Thu, 30th May 2024

In this week's Financial Services Online podcast, Paige Estritori discusses recent developments in Australian superannuation. Initiating with the unexpected rise in Australian shares due to an increase in superannuation contributions, it set a positive trend in the local economy. The government is considering raising the caps for concessional contributions, potentially offering more flexibility to Australians to bolster their retirement savings. New guidelines by the Australian Prudential Regulation Authority are designed to enhance ethical conduct and transparency of funds, while the top five Australian super funds have been ranked on their climate risk disclosures. Conversely, Estritori highlighted the issue of unclaimed superannuation funds, urging Aussies to consolidate their accounts. A novel digital platform aims to digitalize the superannuation process, enhancing efficiency. Lastly, automatic insurance cover uptake among new Super members is increasing, indicative of growing appreciation for insurance within superannuation.