Portable super from Oz a step closer

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

The Australian senate has passed legislation allowing returning New Zealanders to bring their retirement savings with them.

The legislation is expected to take effect from July 1, 2013.

Now, Kiwis who work in Australia must contribute to an Australian complying superannuation fund.

However, the money is locked into the scheme until they reach retirement age.

Under the new rules, savings from certain Australian funds will be able to be transferred into New Zealand KiwiSaver funds – and vice versa.

Finance Minister Bill English welcomed the news of the senate's move.

“I acknowledge Australia’s support for this important next step in the single economic market programme between our two countries,” he says in a statement. 


This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7594 0.0000 0.00%
AUD 0.9719 0.0000 0.00%
EUR 0.6980 0.0000 0.00%
GBP 0.5015 0.0000 0.00%
HKD 5.8944 0.0000 0.00%
JPY 90.3750 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1179.0 -14.680 2015-04-24T00:
Oil Brent 65.3 1.460 2015-04-24T00:
Oil Nymex 57.1 -0.480 2015-04-24T00:
Silver Index 15.6 -0.190 2015-04-24T00:

Indices

Symbol Open High Last %
NZX 50 5757.9 5776.4 5757.9 0.13%
NASDAQ 5096.3 5100.4 5056.1 0.71%
DAX 11783.6 11881.0 11723.6 0.74%
DJI 18056.4 18108.9 18058.7 0.12%
FTSE 7053.7 7102.6 7053.7 0.24%
HKSE 27978.4 28089.4 27827.7 0.84%
NI225 20142.5 20142.5 20187.7 -0.83%