2024-25 Federal Budget
Budget documents: budget.gov.au
On 15 May, the Government released the Budget. The key items are:
- Super to be paid on government funded paid parental leave
- The ATO to receive funding to better protect from fraud (against super and tax systems)
- Freezing of social security deeming rates at current levels until 30 June 2025.
- There will be funding to:
- support the SuperStream Gateway Network Governance Body to ensure integrity of data transmission
- the ATO for unpaid super recovery
- implement reforms to strengthen Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act 2006, to enhance Australia’s ability to detect and disrupt illicit financing.
- Investments:
- establishing a ‘single front door’ for major investors – to attract and enable investment
- funding to promote the development of sustainable finance markets in Australia.
- Support for workplaces in introducing payday super (and other workplace initiatives)
Social Security Indexation Rates July 2024
Document: Indexation Rates July 2024
Social security payment rates are indexed on a regular basis to maintain their value over time. Increases to rates are automatically linked to specific price indices (such as the Consumer Price Index) and wage measures as specified in the Social Security Act 1991, and A New Tax System (Family Assistance) Act 1999.
The Government has released for July 2024 those social security payments that will be impacted by indexation.
APRA releases superannuation statistics for March 2024
Report: Quarterly superannuation statistics
In May, APRA released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the March 2024 quarter. The industry performance statistics contains aggregate summaries of financial performance and position, asset allocation and key performance ratios. Statistics relating to corporate, industry, public sector and retail funds performance are also detailed. The MySuper statistics contains data relating to product profile, asset allocation targets and ranges, investment performance and net returns, as well as fees and costs. Statistics are presented at an individual product or lifecycle stage level.