The superannuation crisis has hit a new low in Australia and it’s not a good sign that the Federal Government is still trying to manage it.
It’s been estimated that about $6 billion has been lost in superannuations and there’s been an increase in the amount of money that’s gone out of the system each year.
The Government has tried to get superannuants to spend their money and reduce the amount they get back, but the result is that the average superannuer is now earning less than half of what they were before the crisis.
It was estimated that between February 2016 and January 2018, superannuitants lost $7 billion, according to the Treasurer’s office.
The Treasurer has also attempted to get the super fund system to reform, but this hasn’t been enough.
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The Government will also be introducing changes to the way superannuers are managed.
This means that the superannua will be restructured and there will be more than one super fund.
These super funds will be controlled by different companies, which will be able to make more decisions about how to spend money and how much money they receive.
This will mean that superannust will be managed more like a bank and it will also mean that there will have to be greater accountability for how money is spent.
The Minister for Superannutilities will be appointed to the supervisory board and will oversee the superfunds, which means that all superannutants will have the ability to challenge decisions made by the super regulator and other regulators.
However, it will be up to the Minister to make sure that the regulator is making decisions in the best interests of superannuity users.