Review of borrowing in super could be useful

26 November 2013
| By Mike |
image
image
expand image

A Government review of borrowing within superannuation has become necessary, according to Institute of Chartered Accountants (ICAA) superannuation specialist Liz Westover.

Writing in the ICAA's Charter publication, Westover said that while the new Government had committed to no unexpected adverse changes to superannuation, there was nonetheless an industry expectation that a review would occur.

"The industry, however, has been largely expecting a review of borrowing for some time now, off the back of the Cooper Review and Stronger Super reforms," she wrote.

Westover said that together with warnings from a number of sources, a review of borrowing had become necessary.

"A review will identify the relative substance of warnings and risk areas and assess whether changes are warranted," she said. "We can then move forward with eyes wide open about the impacts of borrowing in super and hopefully implement appropriate changes to avoid any potential disasters down the track."

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

11 months 1 week ago

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 Co...

1 day 5 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

1 day 5 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

1 day 6 hours ago