ASIC resets default super calculator wage inflation to 3.7%
The Australian Securities and Investments Commission (ASIC) has trimmed the default rate of nominal wage inflation required to be used within superannuation calculators to just 3.7%, down from 4%.
The regulator announced that the new default rate would apply from 1 January, next year.
It said the rate had been altered to align with the revised long-term wage growth forecast in the 2023 intergenerational report and that feedback from industry participants had supported the move.
ASIC said all the submissions received on response to its consultation had supported the change.
It said that one submission had recommended extending the transition period beyond 31 December, 2024 but that ASIC considered the existing transitional arrangements provided adequate time for providers of superannuation calculators and retirement estimates to implement the change.
That's an easy one to answer. It really means that some advisers are writing business for clients who they would…
This makes me physically sick. The Irony of these organisations here is unbelievable. So quite around FASEA when the money…
Little wonder then, that Chartered Accountants Australia and New Zealand chief executive, Ainslie van Onselen described it as “a major…
How about some more BS triplicated Regulations for Advisers hey Jonesy. Every time this clown says let’s reduce Red Tape,…
Many highly educated advisers have been forced to purchase new and inferior courses from second rate providers, because the corrupt…