Financial system inquiry is pivotal for the industry’s evolution

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The draft terms of reference for the financial system inquiry announced by the Prime Minister and Treasurer last night, provide a framework for the evolution of Australia’s financial services industry into a major services exporter in the 21st Century according to the Financial Services Council. “Australia’s financial services industry is looking to this inquiry to establish […]

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FSC’s response to Government’s abolishment of $100k superannuation measure

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“The Government is returning certainty and stability to superannuation policy,” John Brogden, CEO of the Financial Services Council said today in response to the announcement by Joe Hockey and Arthur Sinodinos that the proposed 15% tax on superannuation earnings above $100,000 would be abolished. “The former government’s $100,000 earnings tax on superannuation was rushed, complex […]

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FSC commends government commitment to superannuation

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The Financial Services Council has commended the Government for confirming its commitment to increase the Superannuation Guarantee Charge (SGC) to 12 per cent as part of its repeal of the Mineral Resources Rent Tax (MRRT). “The Government has a clear mandate to repeal the MRRT whilst retaining the key policy of increasing super contributions to […]

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FSC Commends Commission of Audit

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The Financial Services Council has commended the formal establishment of the Commission of Audit announced today by the Treasurer, Joe Hockey and Finance Minister, Mathias Cormann. “The Commission of Audit will be the first comprehensive review of Federal expenditure since 1996 and will be an opportunity for the government to get the budget right and to position […]

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Asia Region Passport − a landmark agreement for Australia’s financial services

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The anticipated signing of the Asia Region Passport agreement at the APEC Finance Ministers’ meeting in Nusa Dua, Bali, Indonesia will be the most significant trade related development to date for Australia’s financial services industry. John Brogden, CEO of the Financial Services Council said: “An agreement to establish an Asian region funds passport opens up […]

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FSC says the government has appointed a strong Treasury team

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The Financial Services Council has welcomed the new appointments to the Treasury portfolio. John Brogden CEO of the Financial Services Council said: “With Joe Hockey, Arthur Sinodinos and Steven Ciobo we have a strong team in Treasury which will well represent the financial services industry in its next growth phase.” “As a former Treasury economist […]

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Australians overwhelmingly support superannuation but want more transparency

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FSC-ING DIRECT Report: Superannuation − Australia’s View Australians overwhelmingly support superannuation with a clear majority backing a rise in compulsory contributions to 12 per cent according to a report, Superannuation – Australia’s view, released today by the Financial Services Council and ING DIRECT. The FSC-ING DIRECT report has found that 89% of respondents in a […]

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Weak quarter for superannuation contributions

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The June 2013 quarter defied the seasonal pattern of strong superannuation contributions at the end of financial year, instead recording one of the weakest quarters for contributions since the global financial crisis, according to the Financial Services Council’s Bond Report, released today. FSC chief economist, James Bond said: “Superannuation contributions at the end of the […]

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FSC says governments should be consolidating superannuation not taking it

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Financial Services Council CEO, John Brogden said today the government’s announcement today to increase the threshold for inactive superannuation accounts from $2,000 to $4,000 then to $6,000 is unfair. “We oppose this measure”, John Brogden, CEO of the Financial Services Council said today. “Governments should be consolidating peoples’ superannuation, not putting it into consolidated revenue”, […]

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FSC and ISN announce united stance on the future of superannuation

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In an unprecedented move for retail and industry superannuation, the Financial Services Council (FSC) and Industry Super Network (ISN) have today announced that they will work together on the critical issues for superannuation in Australia. At the FSC’s Annual Conference in Brisbane today (Thursday) John Brogden, CEO of the Financial Services Council said: “The superannuation […]

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