Access to super a cause for debate
Prime Minister Kevin Rudd indicated he would be willing to look at policy settings around changing access to superannuation for super fund members transitioning to retirement.
In last night's election debate between the incumbent Prime Minister and his rival hopeful, Opposition leader Tony Abbott, the pair spoke about accessing superannuation to finance purchases such as housing.
Rudd ruled out making any changes for the younger population.
"We need to look at how you have more flexible access to finance ... for younger people it's too hard, considering what super was designed to do," he said.
In response, Abbott said the superannuation system was designed to prop up people in retirement.
"The reason why we give tax concessions for super is that we do have to live on it in retirement," he said.
"While super ought not be a piggy bank for us when we retire, it surely shouldn't be a piggy bank for Government."
The Shadow Assistant Treasurer, Mathias Cormann, hit out after the debate, saying the Government had promised to make no new changes to superannuation.
"He [the Prime Minister] was suggesting that he might let older people access their super earlier when all of the experts were pushing for the opposite," Cormann said.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
The winners have been announced for the 2025 Super Fund of the Year Awards, held in Melbourne on 26 November.
Australian Ethical Superannuation has seen additional licence conditions imposed on it by APRA over the fund’s expenditure management.
The fund has strengthened its leadership team with three appointments to drive its next phase of growth and innovation.
ASIC and APRA have warned many trustees have failed to meaningfully improve retirement strategies despite the retirement income covenant being in place for three years.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
211.16 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
121.06 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Smarter Money Long-Short Credit Investor USD
68.96 3 y p.a(%)
