Labor blamed for lack of confidence in super
Liberal Member for Bradfield Paul Fletcher hit out at the Labor Government for the current lack of public confidence in Australia’s superannuation system.
Speaking at a breakfast function organised by Money Management’s sister publication Super Review and sponsored by CommInsure, Fletcher said government changes to superannuation - particularly around caps and tax concessions - were corrosive to public confidence.
However, he flagged super fund governance and independent board directors as areas an incoming Liberal government would seek to alter if elected, as well as selection of default funds under modern awards.
“And if and when Government is back in surplus, if that ever happens, we will revisit concessional contribution caps,” Fletcher said.
Also speaking at the Super Review breakfast function, the Australian Institute of Superannuation Trustees senior policy adviser Karen Volpato said Australians did not want any surprises whilst planning for their retirement, but that did not mean no changes to super.
She said the system needed benchmark policy changes against three indexes - sustainability, adequacy and longevity - to provide certainty within change.
The industry had been able to come together behind implementing the super guarantee, but it now required more certainty, Volpato added.
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
