Australian super funds drawn to Asian fixed income
With the superannuation pool set to grow on the back of new legislation to raise mandatory contributions, more money is forecast to head into Asian markets, especially fixed income.
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Australian superannuation funds are tipped to raise their overseas allocations, notably to Asian fixed income, in the medium term after the Senate passed landmark legislation this week.
The Minerals Resource Rent Tax legislation and related Bills ensure that, among other things, the rate of the Superannuation Guarantee (SG) – the percentage of wages employers must pay in superannuation contributions for each employee – will rise from 9% at present to 12%.
This will be phased in …
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