Turnbull still denying super retrospectivity
The Prime Minister, Malcolm Turnbull, has backed the line of Assistant Treasurer, Kelly O'Dwyer, that there are no retrospective elements to the Government's Budget changes to superannuation.
O'Dwyer used a keynote address to a Super Review conference in Sydney last week to defend the Government's approach and to insist that there were no retrospective elements, with the Prime Minister taking the same approach in his televised election debate with Federal Opposition leader, Bill Shorten, last night.
The Government's denial of retrospectivity relates to the Budget's proposed $1.6 million cap on money transferred into a retirement phase account, with a number of senior financial services figures agreeing that the changed status of the transfers represents retrospectivity.
This is something which Shorten sought to highlight last night in countering the Prime Minister's claims, and vowed that the Australian Labor Party would not be in the business of introducing retrospective legislation.
Sections of the financial services industry have signalled that there is likely to be strong lobbying following the Federal Election aimed at overcoming any retrospectivity in the superannuation policy measures.
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