Industry fund advertisements seek to lock in 12%
Just months after some Liberal back-benchers were questioning the rationale for lifting the superannuation guarantee (SG) to 12%, Industry Super Australia (ISA) has backed a major national advertising campaign reinforcing the expectation that the SG rises will actually occur.
According to ISA chief executive, Bernie Dean the advertising campaign is about increasing awareness of the promised increase in the SG.
“Increasing awareness about the promised increase to the SG rate will give more Australians confidence about retirement and help them get the maximum value out of every extra dollar,” he said.
The campaign, which aired nationally over the weekend, portrays a 40-year-old worker earning an average wage and suggests they would stand to gain more than $85,000 extra in super by the time the retire when the SG rate increase to 12% as promised by the Government.
The advertisement has also hit television screens as the Government’s retirement incomes review begins to hit full swing.
Recommended for you
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
Underestimating the cost of insurance by almost $75,000 in a Statement of Advice is among multiple reasons that a relevant provider has faced action from the FSCP.
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
