Australia overdue for retirement income overhaul: review family home, bequests and gig workers’ rights

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Retirement income for Australians, which rests on the three pillars of compulsory superannuation, a publicly-funded Age Pension, and voluntary savings, must undergo significant reform to be simpler, more efficient, and equitable, a year-long policy review from the Actuaries Institute said. The Institute’s recommendations are set out in a just-released policy document, Securing Adequate Retirement Incomes

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24 Aug 2021

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Further work needed on draft Your Future, Your Super regulations

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The Actuaries Institute has welcomed the federal Government’s draft Your Future, Your Super reforms, but warns there are fundamental problems with some of the key proposed regulations, including the test that deals with superannuation funds that ‘underperform’. The federal Government recently issued the draft regulations to support the Your Future, Your Super Bill (that is

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31 May 2021

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Actuaries Institute report says ‘real momentum for change’ in disability insurance sector

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The Actuaries Institute’s Disability Insurance Taskforce yesterday said there is “real momentum for change” in a sector that continues to face significant financial stress and is subject to close monitoring by APRA. Release of the Taskforce’s final report into individual disability income insurance (IDII) follows more than 12 months of critical examination of the sector

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25 May 2021

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Australian Actuaries Intergenerational Equity Index shows 2020 ‘a year like no other’: COVID impact felt unevenly across generations

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The equity gap between Australia’s generations closed slightly after ‘a year like no other: 2020’. The authors of the Australian Actuaries Intergenerational Equity Index (AAIEI) believe gains for young people will be temporary, quickly reversing as government support is withdrawn. The first update to the AAIE Index was released today. The Index, commissioned by the

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17 May 2021

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Federal Government’s Budget delivers changes to super but more needed

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The Federal Government’s 2021-22 Budget, delivered tonight by Treasurer Josh Frydenberg, has outlined a raft of policy measures to guide Australia’s economic recovery after the COVID-19 lockdown, the Actuaries Institute said. The Budget states Australia’s recovery has been swifter than the Government expected at the time of the last Budget, but reducing unemployment remains a

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13 May 2021

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Government should consider a ‘carer’s credit’ to overcome gender bias in superannuation

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Prominent actuaries and superannuation experts have tackled the decades-old issue of women retiring with less money than men, pinpointing three areas for reform including a government-funded carer’s credit. Mercer’s David Knox, and Michael Rice and Richard Dunn from Rice Warner, said the gender super gap begins at the very start of a woman’s working life,

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03 May 2021

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Actuaries paper says Boards need to monitor executive behaviour to avoid past mistakes

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Australian company directors should be doing more to ensure their executives stick to the ethical values espoused at Board level if they want to avoid a repeat of the poor behaviours exposed at the Hayne Royal Commission. In a Dialogue paper[1], published by the Actuaries Institute but representing the views of the author, Barry Rafe

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12 Mar 2021

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Actuaries Institute president says risk management is increasingly important

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Risk management is a significant area of growth for Australia’s actuaries as the private and government sectors, the economy and jobs market recover from the impact of COVID-19, incoming Actuaries Institute President Jefferson Gibbs said. Mr Gibbs, who takes over from Hoa Bui, said actuaries will increasingly expand their remit, taking on greater and more

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24 Feb 2021

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Australian Actuaries Climate Index shows most extreme Spring to date

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The Australian Actuaries Climate Index shows that the Spring of 2020 exhibited extreme weather in comparison with the same season in previous years. While a temperature index value of this level in the Spring reflects less severe overall conditions than would be seen in Summer, it remains a noteworthy data point in the ongoing trend

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08 Feb 2021

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Actuaries Institute Pre-Budget submission says super must be simpler and its purpose clear

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In a pre-Budget submission to federal Treasury, the Actuaries Institute has urged the Government to simplify Australia’s superannuation regulations, review areas where retirees need extra support and legislate to make the overall objective of the retirement income system clear. The submission was lodged with the federal Government on 29 January. The Institute believes Australians should

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02 Feb 2021

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