Senate Approves 12 Percent Superannuation for New Parents

Published on September 19, 2024

The Labor government’s legislation providing a 12 percent superannuation payment for new parents has successfully passed the Senate without incorporating the amendments proposed by the Opposition. As per the new Bill, from July 2025, eligible parents with babies born or adopted on or after July 1, 2025, will receive an additional payment, based on the Superannuation Guarantee (12 percent of their Paid Parental Leave payment), which will be contributed to their nominated superannuation fund. “Once the scheme reaches 26 weeks, the maximum superannuation contribution a family will receive per birth or adoption will exceed $3,000. This amount will then accumulate with interest over the working lifetime of an individual’s superannuation account,” a government statement said....

Continue reading on website
Other news

Reserve Bank Urged to Adapt After US Fed’s Aggressive Interest Rate Reduction

September 19, 2024
The U.S. Federal Reserve announced on Sept. 18 that it would cut interest rates by half a percentage point. This move has been a big relief for financial and commodity markets but has added more pressure on the Reserve Bank of Australia (RBA) to bring forward its own plans for rate relief.As many as ten key central banks have been trimming their key interest rates since last year, including those

NZ Commerce Commission Brings Charges Against Jetstar for Allegedly Misleading Consumers

September 19, 2024
New Zealand’s Commerce Commission has announced it will file charges against Jetstar under the Fair Trading Act, alleging the airline misled consumers about their rights to compensation when flights were delayed or cancelled for reasons within Jetstar’s control.The Commission’s General Manager of Competition, Fair Trading, and Credit, Vanessa Horne, said they believed Jetstar’s communications were