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Australia's financial regulator reviewed six large platform trustees holding $400 billion in retirement savings. The review identified shortfalls in fee caps, document sampling, and behavior monitoring. Commissioner Simone Constant discussed the findings in a public interview.
Australian businesses will be required to pay staff superannuation at the same time as wages starting next month. The change aims to reduce unpaid super but raises cash-flow concerns for some small firms.
Private domestic workers including nannies who work less than 30 hours a week for a single employer are not entitled to superannuation contributions under current law. The Super Members Council reported that nearly 40,000 such workers, mainly women, will forgo about $4,000 each i…