5 December 2020
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5 things you need to know today

Switzer Daily
20 November 2020

1. Increase to super guarantee would reduce lifetime income

Keeping the superannuation guarantee at its current rate of 9.5% would increase the lifetime income of workers by 2% according to the Retirement Income Review set to be released today. The super guarantee is currently scheduled to increase to 10% by July 2021 and 12% by 2025.

"A rate of compulsory superannuation that would result in people having an increase in their living standards in retirement may involve an unacceptable reduction in living standards prior to retirement, particularly for lower-income earners," an extract from the review said.

2. Australian household wealth grows

The latest Household, Income and Labour Dynamics in Australia (HILDA) Survey has found that the income of the average Australian household grew by $23,248 in real terms between 2001 and 2018. While more women are working than ever before with 72.5% of the population aged 18-64 in the workforce in 2018 compared to 64.3% in 2001, women earned a weekly average wage of $1,098 compared to $1,542 for men.

Read more about the HILDA Survey in Peter Switzer's article today.

3. Trump lawyer Rudy Giuliani claims "centralised" voter fraud

Donald Trump's personal lawyer Rudy Giuliani has claimed there is evidence of "massive fraud" in the US presidential election and that Democrats were attempting to "steal an election from the American people". Court cases by the Trump campaign and the Republican party have yet to uncover evidence of widespread election fraud.

4. Canadians warned to not let moose lick their cars

Drivers in Jasper National Park in Alberta, Canada are being warned to not let moose approach their cars and lick them. The problem stems from the salt used to melt icy roads which ends up on cars . Moose are apparently obsessed with licking the salt and can get dangerously close to vehicles to try and lick them.

5. Wall Street stocks rise

Thursday saw all three major US indexes move higher, with the Nasdaq rising the most on the back of gains for the FAANG stocks. The Dow Jones was up 44.81 points or 0.15% to 29.483.23, the S&P 500 rose 14.08 points or 0.39% to 3,581.87 and the Nasdaq gained 103.11 points or 0.87% to 11,904.71.

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