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Govt makes super a second term issue
The Federal Treasurer, Joe Hockey, has reiterated the Government's resolve that there will be no changes to the superannuation settings during the life of the current Parliament.
Speaking on the ABC's Q&A program last night, Hockey acknowledged the superannuation changes being flagged by the Federal Opposition but said the Government would not be moving on the issue during the life of the current Parliament.
He said that at a time of low interest rates and when superannuation fund members were looking for policy certainty, the Government would not be looking to change the settings.
However the Treasurer also said that superannuation savings were not intended to be a vehicle to boost family inheritances but, rather, were intended to produce income during retirement.
The Government has previously signalled that the superannuation tax settings will be part of the Tax White Paper process later this year, something which would put any changes on the agenda for next Parliament.
The Shadow Treasurer, Chris Bowen, last week declared the Australian Labor Party (ALP) wanted an electoral mandate to cut superannuation tax concessions.
Addressing the National Press Club, Bowen vowed that the ALP would be sticking to its policy announced in April to tax superannuation earnings returning more than $75,000 during the retirement phase and to lower the threshold for the 15 per cent High Income Superannuation Charge from $300,000 to $250,000.
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The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
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