Tue, 11th Jun 2024

What this episode covers

In this episode of the Weekly Superannuation News Wrap, host Paige Estritori discusses the continued major gender disparity in Australia's retirement savings, with women trailing significantly behind men. Tax concessions favouring the wealthy are blamed, resulting in estimated lost revenue of around $54.56 billion this fiscal year. Only a tiny fraction of workers with super funds over $1 million are making substantial contributions. Government measures are underway to reduce these disparities, including integrating superannuation into government-funded parental leave and raising minimum wages. The episode also discusses concerns in the financial advice sector with the upcoming Dixon Advisory's membership termination with the Australian Financial Complaints Authority. It highlights calls for government intervention to ensure stability in the sector amidst significant unpaid claims and potential industry exits that could raise costs for consumers.n

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