Bruce Billson rules out lifting super age to 65; Former mortgage broker charged with $7 million fraud: Midday Roundup

Acting Treasurer and Small Business Minister Bruce Billson has hosed down concerns the government could lift minimum age individuals can access their superannuation from 55 to 65.

Raising the minimum age could save the Australian economy $7 billion by 2055, according to a report released this week by the Productivity Commission.

However, Billson told ABC radio the report was nothing more than “a useful contribution”.

“Our view is absolutely consistent and that is, we have no plans, no plans, to make changes to superannuation, that point has been made over and over again,” Billson said.

“The Productivity Commission report is a useful contribution to the tax white paper process but that is it.”

Former mortgage broker charged with $7 million fraud

A Sydney man has been convicted of home loan fraud and sentenced to 350 hours of community service.

Shiv Prakash Sahay, a former credit representative of AHL Investments – which traded as Aussie Home Loans – was sentenced in the Downing Centre Local Court after using false documents in home loan applications submitted by his clients Bankwest and Suncorp.

The total amount of loan applications using false bank statements was approximately $7 million.

ASIC deputy chair Peter Kell said in a statement the corporate watchdog will continue to target misconduct involving loan fraud.

“The reputation of the lending industry depends on mortgage brokers and other credit representatives acting honestly and in compliance with the credit laws,” Kell said.

“ASIC will vigorously pursue offenders involved in falsifying loan documents and other statements for their own financial benefit.”

Shares up on open

Aussie shares have opened lower this morning, after international events in Greece and China took a toll on Wall Street.

The S&P/ASX 200 benchmark was down 64.8 points to 5516.6 points at 11.32am AEST. On Tuesday, the Dow Jones closed 93.33 points higher, up 0.53% to 17,776.91 points.