Take a super deep breath says government
Australians should expect their super fund to have lost about 6 per cent of their retirement savings this year said the minister for superannuation, Senator Nick Sherry. The minister said people should take a deep breath when they read their annual member statements, now being sent out by funds. The government is looking closely at fees, charges and commissions in super but has ruled out changes to the tax-free status of super for the over-sixties. There was a total of $1.1 trillion dollars invested in the Australian super system at the end of March, up 3.5 per cent for the year, but down 6 per cent in the month of March when markets slumped.
Source: Herald Sun