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PM rules out borrowing in super changes
The Prime Minister, Tony Abbott, has ruled out making any near-term changes to superannuation based on concerns expressed around the ability of self-managed superannuation funds (SMSFs) to borrow to invest in property.
Asked to comment on a Reserve Bank board reference to the amount of investment in speculative property, the Prime Minister reinforced the Coalition's pre-election commitment to making no surprise or adverse changes to the superannuation regime.
Further, he said the Government would not be in the business of discriminating between different forms of super.
However on the question of whether the Government would consider removing the ability of SMSFs to borrow to buy property, Abbott said he was not going to get into speculation on the issue.
"What we said was that there would be no adverse changes to superannuation under an incoming Coalition Government. That is a commitment that we stand by," he said.
"What we are doing now is calmly, steadily, purposefully moving to implement our commitments and obviously, as situations develop, we will respond as best we can to them, but in keeping with the values, the principles and the commitments which we took to the Australian people before the election."
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