The Productivity Commission’s recent report on Australia’s superannuation system reveals some concerning weaknesses in the APRA-regulated funds sector – particularly for millions of member accounts in “MySuper” default funds. It also identifies three areas of concern for SMSFs. The report should prompt all Australians to assess whether they currently have the right superannuation arrangements in place for their circumstances. The release of the much-anticipated report comes as Australia debates the merits of raising the compulsory superannuation rate, scheduled to increase from the current rate of 9.5% to 12% by 2025–2026. While funds have, on average, performed well, the Commission … Continue reading Review highlights failings in superannuation system