Disclosure Statement: Durand Financial Services Pty Ltd and its advisers are authorised representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306. General Advice Warning: The information contained within this website does not consider your personal circumstances and is of a general nature only. You should not act on it without first obtaining professional financial advice specific to your circumstances.
(Australian Associated Press)
The Morrison government is trying again to make opt-in insurance premiums on superannuation accounts with low balances and young new members, after teaming up with the Greens to remove the measure from an earlier bill.
Assistant treasurer Stuart Robert said although insurance provided a great benefit for some people, the cost often eroded entire superannuation accounts for those with low balances.
“This bill will benefit young and low-balance members and is in the best interests of all Australians,” he told the lower house as he introduced the bill on Wednesday.
The legislation would make all insurance opt-in for accounts with balances below $6000 and for new members under the age of 25.
Labor wants to create exemptions for some categories of workers, including those in risky industries and young single parents, while the Greens want insurance to be opt-out for everyone.