Media Release

New research released today by the Financial Services Council (FSC) shows policy reform focused on improving how Australians spend their superannuation savings would boost retirement incomes by 10 per cent each year, or by $397 billion by 2050.

The Financial Services Council (FSC) welcomes the Government’s release of the wide-ranging review undertaken by the Treasury of the Your Future, Your Super (YFYS) laws and its accompanying policy response.

The Financial Services Council (FSC) welcomes the Review of the Regulatory Framework for Managed Investment Schemes (MIS Review).

The Financial Services Council (FSC) welcomes the introduction of the Compensation Scheme of Last Resort (CSLR) and the Financial Accountability Regime (FAR) Legislation into Parliament today, reflecting the Government’s focus on finalising the remaining pieces of the Royal Commission into the Banking, Superannuation and Financial Services industry.

New analysis of ATO data from the Financial Services Council (FSC) today shows over 500,000 current taxpayers will be adversely impacted by the Government’s proposed 30 per cent tax rate on balances above $3 million.

The Financial Services Council (FSC) notes the certainty of today’s Government announcement to tax superannuation balances over $3 million but warns there are still important details to be resolved. 

The Financial Services Council (FSC) welcomes the Federal Government prioritising public consultation on a proposed definition of the objective for the superannuation system. 

The Quality of Advice Review’s final report released today by the Government lays a strong foundation to ensure many more Australians get the financial advice they need.

The Financial Services Council (FSC) has today released consumer research which found strong support for legislating an objective for superannuation, providing it focuses on delivering retirement income for all Australians.

The Financial Services Council has released an enforceable standard for handling group life insurance claims in superannuation.

The Financial Services Council welcomes the Federal Government consultation on a mandatory climate-related financial disclosure regime as well as the Government’s commitment to a Sustainable Finance Agenda.

The FSC has today released research that shows implementing the Quality of Advice Review’s proposals would help an additional two million retirees spend $22.5 billion more and leave $6 billion less in bequests annually by the year 2040.