Business

AIST welcomes increased investment in housing but disappointed at no super on paid parental leave

AIST welcomes increased investment in housing but disappointed at no super on paid parental leave

The Australian Institute of Superannuation Trustees (AIST) has welcomed the proposed Housing Accord and the critical role that super funds can play as institutional investors as well as the announcement that paid parental leave (PPL) will increase to 26 weeks in 2026.

AIST Deputy CEO and General Manager, Advocacy Mel Birks said although the changes to PPL would help working parents, and particularly women, the Budget did not contain an announcement that super would apply to these payments.

“It is disappointing that 11 years after paid parental leave was introduced, it is the only paid leave that does not have super paid on it. We wonder how long parents will have to wait until this anomaly in the retirement savings system is rectifed,” Ms Birks said.

“It perpetuates the gender gap that sees women retiring with 40% lower super balances than men on average because they spend more time out of the workforce caring for children and other family members.

“The difference is so large that many women live in poverty after they leave the workforce and some of them become homeless, even if they are receiving the age pension.

“This move will make a difference to younger women to help reduce the risk of this shocking outcome, but more also needs to be done for the older women facing this grim reality.”

AIST, the peak body for the $1.6 trillion proft-to-member super sector, was also pleased to see the Government’s initiative to make $350 million in payments over fve years, and more over the longer term, to facilitate institutional investment, including by superannuation funds, in affordable homes.

“Although super funds have been investing in the housing sector for some time, the new national Housing Accord will allow it to be done at the scale needed to make a real difference to communities across Australia,” Ms Birks said.

“It allows millions of Australians to build on the good work of proft-to-member funds where they earn good investment returns while at the same time do social good through their super funds.”

AIST also welcomed the recognition of menopause in the Women’s Budget Statement.

“We’re happy that the impact of menopause on women’s workforce participation has been recognised in this Statement but renew our call for a comprehensive assessment of the number of women affected and the associated economic, social and health impact so a coordinated plan can be developed,” Ms Birks said.

“We will continue to campaign strongly on this issue because of the role it appears to play in perpetuating the gender gap and, as the Treasurer commented, it is measuring the impact that matters.”

CONNECT FOR SUCCESS THIS SMALL BUSINESS MONTH

Small business owners and operators are invited to “Connect for Success” at hundreds of NSW Small Business Month events being held during November.

Minister for Customer Service and Digital Government and Minister for Small Business Victor Dominello said there are hundreds of events being held across the State to help small businesses learn new skills and strategies for growing their business, and connect with other small business owners.

“Small Business Month is about bringing together small businesses across the State to learn, to collaborate and to celebrate the experience and expertise of our 800,000 small businesses in NSW,” Mr Dominello said.

“Small businesses are a vital contributor to our State, employing 1.8 million people and adding more than $400 billion into the economy every year.

“I encourage all small businesses or those interested in starting a business to get involved and attend one of the many events held this month.”

The theme for Small Business Month, “Connect for Success” points to the importance of business owners, experts and industry leaders coming together to share ideas and build networks after the challenges of the past two years.

NSW Small Business Commissioner Chris Lamont said Small Business Month provides small businesses across the state with the opportunity to hear from some of the best in business.

“There are more than 340 hosted events over the month designed with small businesses in mind. From online marketing tips, support for mental ftness, help for young entrepreneurs to information on pricing strategies, there are literally hundreds of options and I invite all NSW small businesses to check out the exciting festival of events,” Mr Lamont said.

Hundreds of organisations are hosting NSW Small Business Month events and activities in November.

So far, 136 not-forproft organisations, including councils, chambers of commerce and industry

associations, have received grants to host events free-of-charge. Other businesses have signed on as offcial Collaboration Partners, including Microsoft, Amazon, Commonwealth Bank, NAB, Xero, University of Technology Sydney, NBN Co, Black Dog Institute, TAFE NSW, Business NSW, the ATO and indigenous business incubator, Supply Nation. Small businesses have a variety of ways to participate in Small Business Month, including attending live online events and connecting in-person at events in their local area. For more information on NSW Small Business Month events go to www. smallbusinessmonth. nsw.gov.au.

ELON MUSK SAYS $8 MONTHLY FEE FOR TWITTER BLUE TICK

Elon Musk has said Twitter will charge $8USD monthly to Twitter users who want a blue tick by their name indicating a verifed account.

As part of changes after a $44bn USD takeover of the social media site, Mr Musk said it was “essential to defeat spam/scam”.

A blue tick mark next to a username - normally for high-profle fgures - is currently free.

The move could make it harder to identify reliable sources, say critics.

Mr Musk, the world’s richest person, added that paid users would have priority in replies and searches, and half as many advertisements.

“Power to the people! Blue for $8/month,” the billionaire said on Twitter, criticising the old method of blue tick verifcation as a “lords and peasants system”.

Twitter’s former method of verifying users for a blue tick included a short online application form, and was reserved for those whose identities were targets for impersonation, such as celebrities, politicians and journalists.

The company introduced the system in 2009, after it faced a lawsuit accusing it of not doing enough to prevent imposter accounts.

But Mr Musk is facing a hefty challenge as he works to overhaul Twitter’s business, which has not posted a proft in years.

He has said he wants to reduce Twitter’s reliance on advertising, even as some companies have grown concerned about advertising on the site under his leadership.

What next for Twitter?

General Motors - a rival of Mr Musk’s electric car company Tesla - said last week it was suspending advertising on the site.

Meanwhile, some other major brands have more quietly put a temporary halt to advertising on the platform as they wait to see how Mr Musk’s changes play out, a media buyer for a leading advertising frm told the BBC.

On Monday, one of the world’s biggest advertising companies, IPG, advised its clients to suspend Twitter adverts for a week, citing a need for more clarity on the Twitter’s plans to ensure “trust and safety” on the platform. IPG is given billions of pounds per year, by some of the world’s biggest brands, to handle their marketing budgets.

The charge for blue tick privileges drew scepticism after original reports that said the charge could be $20 USD monthly.

Many on the platform echoed the statement of author Stephen King, who wrote in response to reports of changes that instead Twitter “should pay me”.

Mr Musk wrote to Mr King saying, “We need to pay the bills somehow!”