The Government's recently announced superannuation reforms will "help stop panic in community" by allowing more Australians to boost their own retirement savings and take pressure off the age pension, the Association of Superannuation Funds of Australia (ASFA) chief executive Pauline Vamos said.
"We have been calling on the Government to put a stop to the hysteria and consider policies which take a long-term approach to the future sustainability of Australia's superannuation system," she said.
Vamos said that by taking a long-term approach to super policies, it would help to alleviate some of the pressure on the Federal Budget and government support going forward.
"Boosting retirement income is also a boost for the economy," she said.
"The growing number of retirees will be the consumers of the future, and their superannuation income will no doubt drive demand for the goods and services provided by the thousands of small businesses in Australia."
She added that there was a lot of complexity in the reforms that need to be considered and that ASFA would examine these proposed changes in detail to ensure they delivered the best outcomes for the sustainability of the system.
