ASFA backs Coonan super commitment

federal-government/superannuation-funds/government/retirement-savings/ASFA/federal-budget/chief-executive/

15 May 2003
| By Ben Abbott |

TheAssociation of Superannuation Funds of Australia (ASFA)has done an about face, welcoming Senator Helen Coonan’s reassurance of the Federal Government’s commitment to superannuation changes after being critical only yesterday of the limited reference to superannuation in the Federal Budget.

ASFA chief executive Philippa Smith said yesterday that ASFA was “extremely disappointed” with the fact that the Government was focussed on annual revenue rather than helping those individuals who were “doing the right thing” by trying to save for their retirement.

Smith said that the Government was walking away from the retirement problem and accused it of having a short term focus, saying the money allocated to reducing the super surcharge and the aiding government’s co-contribution scheme had gone missing.

Following comments today by Coonan expressing continuing commitment to superannuation co-contribution for low income earners, Smith says she has been encouraged.

"I am heartened the Minister has affirmed the government's commitment to both super measures today," Smith says.

"I hope there will be a renewed effort by the government to deliver on these promises,” she says.

Despite the affirmation of Coonan’s comments, Smith also expressed continuing concern on the issue.

"The government needs to demonstrate its commitment to retirement savings. We need more incentives to save, and less dipping the tax ladle into the super honeypot.

"Last year's Intergenerational Report was a welcome initiative that showed considerable foresight, yet there has been little follow-up in terms of policy or measures to ensure an adequate savings strategy by individuals and the nation."

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 4 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

5 months ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 6 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 4 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 2 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND