Women the winners from co-contribution scheme
WOMEN have emerged as the major beneficiaries of the Federal Government’s superannuation co-contribution regime, according to data released by the Commonwealth last week.
The data, released by Assistant Treasurer Mal Brough, shows 63 per cent of co-contribution beneficiaries are women, receiving an average payment of around $570, while the remaining 37 per cent of men receive an average payment of around $495.
The co-contribution data also revealed that more than 47 per cent of beneficiaries were baby boomers, aged between 46 and 65.
Commenting on the data, Brough said the co-contribution regime had proved successful for low and middle income Australians.
He said the data was a positive start for the co-contribution regime, which was aimed at maximising the retirement savings of Australians at the same time as engaging them on the importance of superannuation.
In total, the Government has paid out $309 million so far as part of the co-contribution scheme to around 571,000 individuals.
From this financial year, the co-contribution scheme has been extended so that the Government will pay $1.50 for every $1 in personal contributions made by eligible individuals up to a maximum co-contribution of $1,500.
Previously, the Government matched dollar for dollar personal superannuation contributions up to a maximum of $1,000.
AUTHOR
George Liondis
Recommended for you
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
With a growing number of advisers now running their own business, they need to pivot their career identity to being a business owner rather than just as a financial adviser if they want to futureproof their business.
Zenith Investment Partners has launched a range of new managed account portfolios over the past quarter, including on Insignia Financial’s Expand platform.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
