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Super purpose will not stop political tinkering
Defining the purpose of superannuation will not necessarily stop politicians tinkering with it, according to a Super Review roundtable.
Deloitte partner, Russell Mason told the roundtable, held during the Association of Superannuation Funds of Australia (ASFA) conference, that he did not think defining the purpose of super would stop politicians tinkering with it.
"They will simply say that the changes they are making will better meet the objectives that have been set for superannuation," he said.
Consultant and former Superannuation Complaints Tribunal chairperson, Jocelyn Furlan said that there was nonetheless the need for the major parties to commit to enshrining the purpose of superannuation to stop any short-term policy changes and tinkering around the edges.
"That is a really worthwhile policy conversation to have along with a commitment to having a defined purpose to situation which reduces tinkering which undermines confidence in the super system," she said.
The roundtable agreed that there was merit in enshrining a purpose for superannuation because of the certainty it would bring, but also acknowledged that it was likely that, at some point, politicians would look to test that purpose against what they perceived to be the needs of the Budget.
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