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Time for definitive super policy direction
The Federal Government owes it to every member of an Australian superannuation fund to clearly determine its Budget and policy direction on superannuation as quickly as possible and, in doing so, removing all room for speculation and doubt.
The Treasurer, Scott Morrison last week seemed to make a good start in stabilising the superannuation debate when he addressed the SMSF Association annual conference in Adelaide, only to have his good work undermined over the weekend by speculative news reports and the commentary of the Deputy Prime Minister, Barnaby Joyce.
What Morrison told last week's SMSF Association audience was that the Government was examining its options on superannuation policy but, fundamentally, that it wanted to maintain incentives for people to use superannuation as the primary source of the retirement income.
The Treasurer hinted in broad terms at a reorientation of the super tax concessions away from upper income earners and an end to the use of super as an estate planning device.
In doing so, he indicated that the superannuation industry would be engaged in consultation process to ensure appropriate implementation and no unintended consequences.
It ought follow from all of the things said by Morrison about using superannuation to relieve pressure on the age pension that allowing people to opt-out of the system makes little or no sense unless, of course, you are a spruiker for the Australian property industry.
The Government has declared its backing for the Financial System Inquiry recommendation of declaring a "purpose" for superannuation and Morrison has said that purpose should be relieving pressure on the age pension. It is time the Government stopped the speculation and gas-bagging and set about delivering on meeting that purpose.
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